Mortgage Interest rates continue to maintain the historic lows the country has seen since 2002. Rates for 30 year fixed mortgages are hovering around 5.04%, which is down from 5.07% from last week and are expected to continue to drop or at least hold steady for the next six months, as an raising of the rates could derail the current housing market recovery. These rates are making this the perfect time for potential first time home buyers to get into the market, or current homeowners to move up or refinance.
The average rate on a 15-year fixed-rate mortgage fell to 4.47 percent, from 4.5 percent last week, according to Freddie Mac. That was the lowest level on records dating to 1991.
Rates on five-year, adjustable-rate mortgages averaged 4.51 percent, unchanged from a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.58 percent from 4.64 percent.
You can find out more on the Phoenix Real Estate market and the $8,000 First Time Home Buyer Tax Credit HERE
Tags: first time home buyer, mortgage rates, phoenix real estate
