Since Freddie Mac’s weekly 30-year survey started back in 1971, mortgage rates have never been lower. In fact, the first week in April the FRM average was 4.78% with an average 0.7 point, which was down from the averaged 4.85% of the week before. That same rate was 5.88% last year at the same time for a 30-year Piermont real estate mortgage.

The 15-year mortgages are down as well. This week they averaged 4.52% with an average 0.7 point, again down from last week’s average 4.58%. Again, last year the FRM averaged 5.42%. This follows suit with the 30-year loan and has never been as low since 1971.

Even the treasury indexed 1-year and 5-year adjustable-rate mortgages or ARMs interest rates were lower this week as well as being lower compared to last year’s rates. Freddie Mac has included these in the weekly survey since 2005 and they have never been lower since that time.

Mortgage rates for Hudson Valley homes followed every other interest rate this month right along with the reports of slower economic growth. Mortgage rates were not the only thing that lowered this month, incomes fell by 0.2% in February.

However, there is a light at the end of the tunnel. Existing home sales actually rose 2.1% in February, which is the second increase in about three months. Homebuyers are actually taking advantage of the low mortgage rates as well as the falling housing costs. That means that Nyack NY real estate is selling! In fact, housing affordability actually reached an all-time high in February. Moreover, according to the National Association of Realtors, sales rose nearly 1/3 in the Northeast and Midwest, but fell in the West. That means there is good news for some of us.

Tags: hudson valley homes

This entry was posted on Friday, April 24th, 2009 at 8:20 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.