Wednesday, January 21, 2015

Low Rates and Great Loan Programs Make this a Great Time to Buy a Home

This week sees some of the lowest borrowing rates since May of 2013, making this a great time get back into real estate! Here is a breakdown of some of the great deals out there on loans.
  • 30-year fixed-rate mortgages: averaged 3.73 percent this week, with an average 0.6 point, dropping from last week’s 3.87 percent average. The 30-year rate has not averaged this low since May 23, 2013, when it was 3.59 percent. A year ago at this time, 30-year rates averaged 4.51 percent. 
  • 15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.5 point, dropping from last week’s 3.15 percent average. Last year at this time, 15-year rates averaged 3.56 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 3.15 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, falling from a 2.40 percent average the previous week. Last year at this time, 1-year ARMs averaged 2.56 percent.
Fannie Mae has also introduced a new program for 2015 that allows first time home buyers to purchase with just 3% down! Here are some specifics on this great new program:
  • Just 3% down for first time home buyers
  • Entire down payment can be a gift
  • Minimum credit score of 620
  • Lower mortgage insurance for qualified first time buyers
  • Can be combined with grants for closing costs
  • Can be combined with a down payment assistance program
The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.