Fixed mortgage rates provide many affordable options

During the week ending October 4, the average rate for a 30-year FRM fell to 3.36 percent.Houston home prices have gained considerable upward momentum so far this year, though a recent drop in fixed mortgage rates could make the prospect of purchasing real estate in the city very affordable.During the week ending October 4, the average rate for a 30-year FRM fell to 3.36 percent, from 3.4 percent the previous week, according to Freddie Mac. Meanwhile, 15-year fixed-rate mortgages averaged 2.69 percent. These were all-time lows for both loan options.”Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy,” said Freddie Mac vice president and chief economist Frank Nothaft.The average price of a single-family home in Houston appreciated 4 percent in August on an annual basis to $224,464, the Houston Association of Realtors reports. While this may seem out of the price range of some buyers in the local market, they can rest assured knowing the median home price was a more affordable $165,000.The Federal Reserve recently claimed it expects fixed mortgage rates to hover near current levels until at least 2015, which could provide a number of affordable loan options for buyers in Houston and across the country for quite some time. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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