Interest rates on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this past week, according to Freddie Mac. The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago. The 15-year mortgage declined to 4.69 percent, down from 4.77 percent; five-year ARMs were down to 4.82 percent from 4.88 percent; and one-year ARMs fell to 4.82 percent from 4.94 percent.
Not to beat a dead horse to death, but let me reiterate once again how low these mortgage rates are compared to the most recent 20 years. If you are in a position to take advantage of recently distressed real estate investments, now is an opportune time to test the waters. Banks are beginning to relax their investment loan standards as long as you have good income and credit history.
