Freddie Mac reports a slight rise in the 30-year fixed mortgage rate to 4.86 percent during the week ended May 14 from 4.84 percent the previous week. The 15-year fixed mortgage rate inched up to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.90 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent.
Nashville mortgages continue to help support the first time buyer boom in our area. April sales numbers show that first time buyers made up more than 58 percent of all purchases during the month, up 28 percent over 2008. Many first time buyers are taking advantage of the $8,000 Federal Tax Credit, much lower housing costs and these historically low mortgage rates. If you are a first time buyer and considering purchasing a home in Nashville, but are not sure if you can qualify, call Health Albritton for a quick / no obligation / no cost 5 minute pre-qual call: 615-347-0578
