Ormond Beach 30-year Mortgage Rates still at Record Lows

Frank Nothaft, Freddie Mac's chief economist stated, "Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity. Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance. Compared to the recent peak in 30-year fixed interest rates 13 months ago (week of June 11, 2009), current rates are a full percentage point lower. With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June."

30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

Call or email me to start looking at a home in Ormond Beach. Don't lose the opportunity to take advantage of these rates in your investment portfolio.

with Your Key to the Beach,
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com