Mortgage rates in West Palm Beach Florida Down Again

by Rodney Forbes on April 5, 2009

The government is continuing to push the recovery through real estate. The impact of low interest rates, first time home buyer tax credits and affordable prices, more people are making the move to buy. Any recovery in the economy will be started by a positive move in the real estate markets.

Rates on prime mortgages eligible for purchase or guarantee by Freddie Mac hit another new low this week, the mortgage finance giant said in releasing the results of a survey of hundreds of lenders.

For borrowers making 20 percent down payments, the 30-year fixed-rate mortgage averaged 4.78 percent with an average of 0.7 point for the week ending April 2, down from 4.85 percent a week ago and 5.88 percent at the same time last year. The rate’s never been lower since Freddie Mac began the survey in 1971.

Rates on 15-year fixed-rate mortgages were also at lows not seen in records dating back to 1991, averaging 4.52 percent with an average 0.7 point, down from 4.58 percent last week and 5.42 percent a year ago.

Thanks to Inman News

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties.

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc.

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