Monday, December 22, 2008

Current mortgage rates lowest in nearly 40 years for Freddie Mac

The Federal Reserve once again slashed the federal funds rate on Tuesday from 1 percent down to .25, “aiming to free up lending and jolt the economy back to life,” according to an Associated Press report.

It’s a dramatic move, which caused Freddie Mac mortgage rates to dip to their lowest level since 1971. In fact, 30-year fixed home loan rates can now be locked-in at a staggering 5.19 percent.

That means that homeowners who are facing “balloon” or Adjustable Rate Mortgage (ARM) rate increases — and there is data out there that indicates this could still impact an alarming amount families very soon — can secure more affordable home loans.

In addition, prospective homebuyers can take advantage of the latest-money saving measure. It’s a great opportunity to more than likely get into a home at a reduced price (depending on the local market) and get a loan at a super low rate.

To search the Foreclosure.com nationwide database of more than 1.8 million distressed real estate listing click here.

This is great news that can put a lot of extra cash back in the pockets of so many people. And the way things are right now it appears that every little bit helps and could go a long way.

Therefore, take advantage of this current situation if you can, whether you are a homeowner or homebuyer. Opportunities like this do not come around very often.

To talk to a mortgage professional to possibly refinance click here: Mortgage Assistance

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