Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac.
Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. Consumers have grown used to low rates, he explains, adding that they balk at buying because they are more concerned about stagnant wages and high unemployment.
This news means very low monthly investments on new homes that are already at very affordable values. Shaw Homes has several new homes ready for move-in with great incentives for those who are in a position to take advantage of these great opportunities for new homes in Tulsa, Broken Arrow, Owasso, Jenks and Bixby. Talk to our Online Sales Counselor for more details.
Source: Washington Post, Dina ElBoghdady (06/25/10)
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