Andover Homes for Sale

Another announcement that home loan rates set new lows in the latest week – Freddie Mac said this morning.

“Interest rates for fixed mortgages and five-year hybrid ARMs again broke record lows this week following reports of a sluggish job market,” Frank Nothaft, chief economist at Freddie Mac, said in a statement.

The average 30-year mortgage rate fell to 4.44 percent in the week ended Aug. 12, the lowest since Freddie Mac records began in 1971. The prior record low was 4.49 percent a week ago, which was well below 5.29 percent a year ago.

Fifteen-year mortgage rates dropped 0.03 percentage point to average 3.92 percent, the lowest since records began in 1991. And five-year Treasury-indexed adjustable-rate mortgages (ARMs) at 3.56 percent also set a record low, dating back to 2005.

This is great news for those who are making a purchase and for those who would like to refinance.

My mortgage partner Christina can assist you with any questions that you have about financing. Whether it is about your new home purchase and what your payment will be, how much of a home you can afford or if it would make sense for you to refinance at this time.  Any question that you have regarding financing she is the right person to speak with.

Call or email me with any questions or call or email Christina directly!  christina.longo@prospectmtg.com – 978-886-9359

Now is the time!