Tuesday, May 25, 2010

Mortgage Rates Fall to Lowest Level of the Year

Tampa Bay real estate homeowners, sellers, buyers and investors – take note! There is good news today for anyone involved with real estate. MSNBC.com reported in an article titled Mortgage Rates Fall to Lowest Level of the Year that mortgage rates have fallen to the lowest level of the year.

Both 30-year and 15-year mortgage rates have dropped this past week. ”The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier. The average rate on a 15-year fixed-rate mortgage was 4.24 percent, down from 4.3 percent last week.”

Home buyers will benefit from these near historic low rates. Home sellers will benefit as a larger number of buyers will be looking to purchase a home. Investors can cash in on the great rates with their investment purchases as well. Let us not forget those homeowners who already have a mortgage and would like to consider refinancing. Everyone stands to benefit!

These low interest rates following on the heels of the First-Time Home Buyer and Move-Up/Repeat Home Buyer Tax Credit incentives should help lead the way to further stabilization of the Tampa Bay real estate market. Contact your real estate or financial professional today to see how this affects you.

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