Low Mortgage Rates Tempt Hesitant Buyers

I have been saying this for awhile now.  People want to buy because of the record low interest rates and home affordability.  The tax credit is just a bonus. 

Also, make sure when reading the headlines on interest rates you notice that it says the AVERAGE rate for the week ENDING.  Take rates today, they are much higher than 4.71% paying .7% because bonds have gotten much worse the past 3 days especially today since the unemployment figure dropped unexpectedly. 

“Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending December 3, 2009”