Mortgage Rates Dip for 2nd Week in a Row

by Isaac Benmergui, Esq on August 2, 2013

Sunset skylineSouth Florida homebuyers have gotten a couple breaks in the last weeks in the form of reduced mortgage rates. The average rate on a fixed mortgage fell for the second straight week, which is a relief from homeowners that had been watching rises rates for the past several weeks.

Home prices are still low and buyers looking to get into their dream home were afraid of being shut out by rising mortgage rates. Freddie Mac officials said the average on the 30-year loan fell to 4.31 percent this past week. That is down from 4.37 percent last week but still nearly a full percentage point higher than in early May, according to Associated Press. Two weeks ago, the rate reached a two-year high of 4.51 percent.

For at 15-year fixed loan, the rate dropped to 3.39 percent, down from 3.41 percent last week. Low mortgage rates across the nation have contributed to a housing recovery here and in other states helping to drive economic growth.

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The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email for more information or to set up an appointment today.



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