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Time to Buy that Home in Coppell Texas...Mortgage Rates Hit Record Low!!!

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Apr 03, 2009

Pat O'Reilly...Coppell Realtor/Real Estate Agent

For the week ending March 26, 2009, the 30-year Fixed Rate Mortgages averaged 4.85 percent (0.7 point). The 30-year interest rate has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971. Last week 30-year Fixed Rate Mortgages averaged 4.98 percent, and last year at this time, they were 5.85 percent. Rates for 30-year Fixed Rate Mortgages peaked last year at 6.63 percent on July 24th.

The 15-year Fixed Rate Mortgages this week averaged 4.58 percent (0.7 point), down from last week when it averaged 4.61 percent. A year ago at this time, the 15-year Fixed Rate Mortgages averaged 5.34 percent. This week's rate is the lowest the 15-year Fixed Rate Mortgages has ever been in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.

Part of the reason was the announcement that the Federal Reserve’s plans to purchase Treasury securities over the next six months. This caused bond yields to drop and mortgage rates followed right behind. The interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.”

Both new and existing home sales rose 5 percent in February as potential home buyers started to notice the low mortgage rates. First-time home buyers accounted for half of all existing home sales, according to the National Association of Realtors. Plus mortgage applications for home purchases consecutively rose over the first three weeks in March, based on figures published by the Mortgage Bankers Association.”

This means if you were waiting for the bottom to hit before you called your Irving Realtor to purchase your home you waited to long. It's already on the rise. Now is the time to contact your Real Estate Agent and find that dream home in Irving before it rises again. There still are plenty of homes for sale to chose from. The longer you wait the worse off you will be.

So if you one of "Them" that were waiting for the bottom before contacting your Real Estate Agent??? You want to buy that home in Irving but want to wait for the bottom!!! The wait is over. Interest rates for both 30-year and 15-year fixed rate mortgages hit another record low this week, according to the Primary Mortgage Market Survey released on Thursday by Freddie Mac.

Email me at pat@patohomes.com. PatOHomes.com helps shorten your search for the best real estate agent or Realtor in Coppell, Texas by providing you with a relationship based on trust and experience. Whether you are looking for foreclosed homes for sale or luxury homes for sale, patohomes can help...For free tips on moving and to receive a moving checklist...go to www.movearoo.com. Coppell is an awesome place to live and work. For information about the area call me at 214-289-6176!!

There are many real estate companies to chose from. For answers to all your Coppell Texas Real Estate and to see all Coppell homes listed on mls, click on PatOhomes.com