Thirty year fixed rate mortgages stand at 3.41% (compared to 3.9% one year earlier) and fifteen year fixed rate mortgages stand at 2.64% (compared to 3.13% a year ago).
Adjustable rate mortgages went in two directions. One year ARM’s jumped slightly to 2.63% but 5/1 ARM’s fell to 2.60% which Freddie Mac states is the lowest it’s been since it began to track in 2005.
His HomeServices of America has bought a major stake in two big real estate networks, the Prudential and Real Living brokerages. In addition, he will launch his own Berkshire Hathaway branded brokerage franchise.
What does this mean? It’s hard to say but such a move by Buffet could mean the housing market is entering a new and more profitable phase.
That’s only the latest example of positive news about the market. New single family home sales were up in September to a 2-1/2 year high. We’re still a long distance from pre-recession norms but this is the kind of news that may make this the time for you to buy a house.
Here’s more. If you buy now, you can lock in mortgage interest rates at or near historic lows. That can save you significant sums of money month after month because, one of these days, those rates will rise.
Our good news also includes construction of new homes.