Mortgage rates again at an all-time low point has created fantastic opportunity for home and property sellers – to get their best possible price in years.
From Freddie Mac’s weekly survey (as of November 22, 2012), we see new all-time record lows on 30-year and 15-year fixed-rate home loans.
The average 30-year fixed rate dropped to 3.31 percent and 0.7 point from last week’s 3.34 percent and 0.7 point.
The 15-year fixed was down to 2.63 percent and 0.7 point, down from last week’s 2.65 percent.
The five-year ARM remained the same from last week at 2.74 percent and 0.6 point.
Assuming a well-qualified borrower received the average 30-year conforming fixed rate on $417,000, the savings would be $157 on his new monthly payment of $1,828 as compared with one year ago, when rates averaged 3.98 percent.
The 15-year mortgage monthly payment of $2,806 would be a savings of $134 per month as compared with last year’s rate of 3.0 percent.
Home and property sellers should understand positive news and that the current home selling market has lots of qualified buyers and mortgage rates at all-time lows.
Orange County CA home sellers now have their best price opportunity in years.
Source of some information is OCRegister.com.
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