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HOLY %*!@ MORTGAGE RATES ARE EVEN LOWER!!!

July 2, 2010

Rates for most types of mortgages tracked by Freddie Mac hit record lows again this week:

30-year fixed-rate mortgage (FRM) averaged 4.56 percent with an average 0.7 point for the week ending July 22, 2010, down from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.20 percent.

15-year FRM this week averaged a record low of 4.03 percent with an average 0.7 point, down from last week when it averaged 4.06 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent this week, with an average 0.6 point, down from last week when it averaged 3.85 percent. A year ago, the 5-year ARM averaged 4.74 percent.   This is a great option if you don’t plan on living in the home for more than 5 years.  That is a LOW rate! 

All I can say is:  Awesome!!!  Ok so what this means: there has NEVER been a better time to buy.  But you already knew that.

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