The 30-year fixed-rate mortgage came in under 6 percent for the last 22 weeks of this year. As a matter of fact, mortgage rates in 2004 averaged around 5.84 percent, the second lowest annual rate ever recorded in the history of Freddie Mac's Primary Mortgage Market Survey.
More Quotes from Amy Cutts:
Interest-only and option payment loans had been ways to afford homes in expensive markets. Now even, these products will no longer be attractive. That will impact affordability.Amy Cutts
If they sold their house today, they would still get more money than they paid for it. But they won't be able to buy as many goods and services as they could before.
Amy Cutts
It is something that we are paying attention to very closely.
Amy Cutts
The onset of 2005 bodes well for the housing industry. Long-term mortgage rates are currently below six percent.
Amy Cutts
That's a very healthy return. If you can make one or two percentage points above inflation and still live in your house, you're making some very nice gains.
Amy Cutts
Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain. To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-14 percent by year end.
Amy Cutts
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