Friday, November 12, 2010

Mortgage Rates Hit New Historic Lows - Buy a NJ New Home Now

According to Freddie Mac's (OTC:FMCC) latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained flat.

The 30-year fixed-rate mortgage (FRM) averaged 4.17% with an average 0.8 point for the week ending November 11, 2010, down from last week when it averaged 4.24%. Last year at this time, the 30-year FRM averaged 4.91%.

Freddie Mac's chief economist Frank Nothaft said "Despite historically low mortgage rates, however, the housing recovery continues to be slow owing in part to household job uncertainty and tight credit conditions.

"If you want to buy a new home under construction in New Jersey, you just can't beat the conditions now - builder inventory, buyer incentives, and these low low rates.  Contact me to find the best alternatives for your needs and interests.

Joe Giancarli, SA
Real Estate Advisor

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