Interest Rates Have Hit Bottom Low of Less Than 3%!

According to Mortgage News Daily, the fixed mortgage rates are at their all-time record lows! At current rate, the average 30-year fixed rate mortgage are at its all-time record low at 3.38% and the average 15-year fixed rate fell to a new record low of 2.75%. Last year, at the same time, the 30-year Fixed Rate Mortgage averaged at 4.09%, while the 15-year FRM was at 3.29%.

Freddie Mac's Vice President and Chief Economist, Frank Nothaft, said that, "Following the Federal Reserve's announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery.  New construction on single-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. 

In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010."

The Federal Reserve's decision to buy mortgage-related debt has helped the housing market by keeping the mortgage interest rates low, thus, encouraging more buyers to invest in Real Estate.

With the current interest rates, buying a home is practically free! More and more buyers are taking advantage of this all-time record low mortgage interest rates. Why don't you?

For more information on the current mortgage rates, you may go to http://www.mortgagenewsdaily.com/mortgage_rates/.