http://www.foxcharlotte.com/dpp/news/mortgage_rates_record_lows_112909
Mortgage Rates Reach Record Lows
Updated: Sunday, 29 Nov 2009, 1:41 AM EST
Published : Sunday, 29 Nov 2009, 12:57 AM EST
If a new home is on your holiday wish list, now may be the best time to buy. Mortgage rates dropped to an all-time low this week.
Bankrate.com reports the average conforming 30-year fixed mortgage rate fell to 5.00 percent this week. That’s nearly one percent lower than at the same time last year. According to Bankrate.com, with that average rate, a homeowner with a $200,000 loan would save $115 a month compared to last year's rate.
For many who are looking to purchase a home it’s an attractive time to buy because of the low mortgage rate, extended government tax incentives, and a large supply of homes.
“What you were looking at two years ago as your dream home, and thought maybe it was too expensive, may now be affordable,” said Mortgage Consultant Patrick Magee with Morrocroft Mortgage Services.
While the rates are at record lows, it can be harder to get a loan due to tighter underwriting standards. You can check out your options with a local bank or mortgage broker.
So, imagine my excitement (he was actually pretty calm and collected) when Patrick told me that the local Fox news station was going to come to our house and interview him for a story on mortgage rates. Also imagine my “excitement” when I realized I had 45 minutes to prepare for their arrival (and we had JUST walked in from our trip to the mountains). Chaos ensued, insane lifestyle mode took over, and somehow we managed to pull it together. Patrick did AWESOME! It was so neat watching him be interviewed on camera, and he did so well explaining a complicated topic. His interview was in the LEAD story on the 10 o’clock news! Anne Louise and I are SO proud of him!!
Here are some pictures I took while they were setting up:
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