Rates on fixed mortgages dipped for the second straight week. Freddie Mac says the average rate on the 30-year mortgage dropped to 4.71 percent this week from 4.77 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.08 percent from 4.13 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
What this means, in plain English, is that NOW is a great time to buy! Personally, I believe rates will increase in a few months so if you are on the fence about buying real estate, now is the time to get serious.
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