Just one week ago rates on fixed mortgages fell to record lows yet again, according to the mortgage company Freddie Mac. They said the 30-year loan rate dropped to 3.36 percent, down from 3.40 percent the week before, which was the lowest since long-term mortgages began in the 1950s. The average rate for the 15-year fixed mortgage, dropped to 2.69 percent, down from the prior week’s record low of 2.73 percent.
Falling rates are attributed to the Federal Reserve buying mortgage bonds earlier this year to help strengthen a housing recovery. The Federal Reserve plans to continue the program until there is substantial improvement in the job market.
Sales of both previously occupied and newly built homes are up from last year. Home prices are rising more consistently and builders, more confident in the market now, are starting to build more homes.
Lower interest rates are also driving more people to refinance. Mortgage applications surged 16.6 percent last week, the Mortgage Bankers Association reported Wednesday. Of those applications, 83 percent were to refinance existing loans.
If you are ready to take advantage of the lowest interest rates in more than 50 years, we have many fine Bald Head Island homes for sale that we’d love to show you. These Bald Head Island homes for sale range in price from $ $239k to $3,488,000 and you can count on us finding the home that will meet the needs of any family.