Time to Buy a Home? Mortgage Rates Hit 2014 Lows

By David Li, bostonese.com

Boston, Nov. 14, 2013, — Freddie Mac released the results of its Primary Mortgage Market Survey® yesterday, and it showed mortgage rages are approaching 2014 lows as the holiday season approaches. The average 30-year mortgage is at around 4%, near historical lows.

“It’s a great time to buy a home or refinance,” said Nancy Li of ARBC Mortgage Group during a phone interview. She pointed out that high rents in the Greater Boston area combined with low mortgage rates make buying a home a much more attractive option for working families than renting.

There are also a lot of great choices in the real estate market right now. For example, the 3-BR single family home in the picture below is located minutes away from I-495 in town of Boxborough. Town hall and the highly rated Blanchard Memorial Elementary School are within walking distance. The south-facing house features an abundance of natural light and sun all day/year around, with large and level yard satisfying outdoor entertaining needs. It’s offered at $459,999 and has a open house this weekend.

Ms. Nancy Li mentioned that ARBC Mortgage Group could offer the best mortgage tools available on the Internet. Please give her a call at (781) 938-1698 or visit www.arbcfinancialmortgage.com for details.

According to the Freddie Mac survey, 30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.5 point for the week ending November 13, 2014, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.35 percent.

Fifteen-year FRM this week averaged 3.20 percent with an average 0.5 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.01 percent.