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Blog: Mortgage Rates Hit Record Low

Mortgage rates are the lowest they have been in over 40 years. Now is the time to buy!

Now, more than ever, is the time to buy a home.

The 30-year fixed mortgage is 3.78 percent, according to Freddie Mac. The current rate is the lowest it’s been since 1971, that’s over 40 years ago.

The new low has made buying its most affordable level in more than two decades according to the National Association of Home Builders and Wells Fargo. CNN Money put it best when comparing a person who bought a home in 2006 to today.

In 2006 a person buying a home with 20 percent down had had a mortgage payment of $1,300 and today a person who buys a median price home for $162,000 would pay less than half that amount, at $600 a month.  

That’s less than most rents - what are you waiting for? Find your dream home today.

If you need help finding a home, contact me at jfrisk@millerrealtynetwork.com.

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Julianna Frisk is a Carmichael-based real estate expert.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

David August 24, 2012 at 07:55 PM
Just wait till the FED starts printing more money through QE3.

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