With rates on 30-year mortgages dropping to the lowest level since Freddie Mac started tracking the data nearly 28 years ago, what better time to build the timber frame home you've always longed for?
According to a recent article on MSN.com, since November when the Federal Reserve announced a plan to spend up to $500 billion to buy-up mortgage-backed securities in efforts to strengthen the distressed U.S. housing market, rates have been falling at a rapid rate. Freddie Mac reported last Thursday that average rates on 30-year fixed mortgages dropped to 5.01 percent, down from the previous record of 5.1 percent set last week. It was the 10th straight weekly drop, and nearly a full point below the rate of 5.87 percent at the same time last year.
Rates at are their lowest since Freddie Mac began tracking results back in April 1971. They have declined nearly 1.5 percentage points since October. For a borrower taking out a $200,000 loan, this equates to a savings of more than $184 in monthly payments, according to Frank Nothaft, the mortgage finance company's chief economist.
If you were considering waiting now may be the best time to build with rates this low. Please call now to speak with Gary, Seth, or Jeff and to schedule a tour of one of our model homes.
800.636.0993
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