Freddie Mac says mortgage rates to stay low into 2012
Source: Informa Research Services
(12/16/2011) According to recent reports, Freddie Mac Chief Economist Frank Nothaft said Wednesday that he predicts that housing prices may drop slightly, but then bottom out in 2012. Â For those who are in the market to buy a home, this might be the best time to start shopping around for smart financing! Â Informa Research Services suggests consumers use online resources to ensure consumers get the best rate when they’re ready to purchase or refinance a home.
Nothaft stated that mortgage rates should stay “very low” due in part to the Fed’s “Operation Twist.” Â Furthermore, he foresees that toward the end of next year, rates may start to rise, leading to a less opportune time to refinance current loans. Â If this is the case, consumers will be given a great opportunity to purchase or finance homes with record low rates. Â Using online rate tables such as those on ERATE.com can take the hassle out of rate shopping.
Using just a state and estimated loan amount, consumers can check out some of the lowest mortgage rates in the nation. Â Furthermore, the lenders on these tables are frequently offer rates well below the national average. Â The current national average sits at just 4.19% on the traditional 30 year fixed rate mortgage according to Informa Research Services’ Interest Rate Review.
