As the US Economy experiences lows, and the stock market is going down with it, the housing market continues to be troubled indeed. This results in mortgage rates going down as well with fixed 30 year mortgages at 4.66 percent, compared to last week’s 4.71 percent.
15 year fixed rate mortgages are also experiencing a dip with a 3.83 percent rate, compared to last week’s 4.00 percent. Only the jumbo fixed rate mortgage digressed from the pack, with an increase in 3 basis points up to 5.23 percent this week.
Apparently the weakness in the housing market was reflected in the declining sales of existing homes, including single family units, town houses, condominiums and cooperatives. Although these might be distressing times for the US economy, these lows in mortgage rates can actually be a cause of rejoicing for those who are looking to a buy a new home.
Just like savvy stock market investors who actually thrive on economic crisis, home buyers can expect a buying spree, that is if they have the means. Real estate investors who have made it through the crunch can now use their creativity to purchase properties at all time low prices.
Here are some banking institutions that can give these low mortgage rates as reported. All rates are for 30 year fixed mortgages in annual percentage rates.
1. Ever Bank – 4.238%
2. AimLoan.com – 4.351%
3. Mortgage Capital – 4.375%
4. Total Mortgage – 4.400%
5. Pleasant Valley – 4.457%
6. Aurora Bank – 4.540%
7. WSFS Bank – 4.510%
8. Investors Savings Bank – 4.660%
9. Quicken Loans – 4.750%
10. CapWest Mortgage – 4.803%
Rates may vary with different states, so make sure to double check if the rates are the same for your area. Also, your state just might have some juicy finds when it comes to low mortgage rates. As Warren Buffet would say, “Be strong when others are fearful, and be fearful when others are strong”.