Monday, April 27 2009
According to Freddie Mac, interest rates on 30 year mortgages fell slightly last week but remained a bit higher than the record low rates set earlier this month. Mortgage rates went down to 4.8% from 4.82 % least week. Just as a quick comparison, last years average rates at this time were 6.03%.
We do not anticipate the rates to decline further, unless there is an executive order from the Department of Housing. Our market is still doing well compared to the national market and we are continuing to see our month’s inventory rates to decline. We were at 15.11 months at the end of January 2009, 11.97 at the end of February 2009 and 9.64 at the end of March 2009.
We encourage all pur readers to take a look at your present mortgage rates and see if it does not make sense to re-finance. For those of you wanting to buy, we are still in a buyers market and there are plenty of homes to choose from. Please feel free to call me at 812-499-9234 if there are any questions you may have.