Mortgage Rates Hold Steady, Remain Near All-Time Low
Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market.
In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac.
The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.
If you are looking to get pre-approved for a mortgage, I would suggest consulting with Cindy Kramer, the VP of Mortgage Lending at Guaranteed Affinity. She is my trusted mortgage expert. Not only is she knowledgable, but she also is accessible, has very competitive rates, and is wonderful to work with.
Mortgage Bankers Association
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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