Are We There Yet? Mortgage Rates and Other Good News

Mortgage Loan Rates – Record Lows!

According to Freddie Mac, the average rate for a 30-year fixed loan decreased to 3.89 percent from 3.91 percent, in the week ending today. This mortgage rate is the lowest in records dating to back 1971. The average 15-year rate dropped to 3.16 percent from 3.23 percent.

There has been no better time to refinance or purchase a home. Click here to find a licensed mortgage loan officer near you. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Click here for more information on Inlanta Mortgage loan programs.

The Good News Doesn’t End with Record Low Mortgage Rates

According to Commerce Department figures released Dec. 23rd, new-home sales jumped to a seven-month high in November. According to a Fannie Mae forecast, new home sales will improve in 2012.  Who’s Fannie Mae?

Sales of existing homes rose in November to a ten-month high, according to the National Association of Realtors. According Fannie Mae’s Douglas Duncan and Orawin Velz, sales of new and existing homes are expected to increase by 3.5% and housing starts are projected to rise by 16 percent – giving our economy a long overdue (though modest) boost.

Home-loan applications climbed 4.5 percent as of January 6th, according to a Mortgage Bankers Association index. The Mortgage Bankers Associations’ measure of purchases rose 8.1 percent from a three-month low, while its refinancing index increased 3.3 percent.

And finally…more good news….The U.S. unemployment rate unexpectedly fell to 8.5 percent in December. This is the lowest reported unemployment rate since February 2009, according to the Labor Department.

Is consumer confidence on the rise? Is the U.S. headed for a recovery? Let’s stay optimistic as we head into the weekend – and hope that these recent tidbits of good news are an indicator of things to come!

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Inlanta Mortgage is not acting on behalf of or at the direction of Fannie Mae, Freddie Mac, the National Association of Realtors, or Mortgage Bankers Association.