First Time Home Buyers
Mortgage rates hit another all-time low
October 05, 2012
Americans who are first-time home buyers might want to look into purchasing a home now, considering housing mortgage prices are at an all-time record low.
According to the recently released Primary Mortgage Market Survey from Freddie Mac, the average fixed-rate mortgage rates decreased to new record lows, showing the housing market is not improving as much as experts thought.
The 30-year fixed-rate mortgage averaged 3.36 percent with an average of 0.6 points for the week ending October 4.
"Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy," said Frank Nothaft, vice president and chief economist of Freddie Mac. "The final estimate of growth in Gross Domestic Product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year. In addition, personal incomes rose only 0.1 percent in August, while July's increase was revised downward."
Considering the number of foreclosures decreased in August, more Americans are now showing that they are able to pay their mortgages through help from the government and recovery of the economy.
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