Mortgage rates remain affordable

During the week ending November 1, the average rate for a 30-year FRM dropped to 3.39.With fixed mortgage rates hovering near all-time lows, prospective buyers may be able to get a piece of Houston real estate with very affordable terms.During the week ending November 1, the average rate for a 30-year FRM dropped to 3.39 percent from 3.41 percent, according to a report from Freddie Mac. Meanwhile, 15-year FRMs averaged 2.7 percent, down from 2.72 percent a week earlier.”Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation,” said Freddie Mac vice president and chief economist Frank Nothaft. “The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth.”Additionally, five- and one-year Treasury-indexed adjustable-rate mortgages averaged 2.74 and 2.58 percent, respectively, the report said. These were both slight declines from the previous week.? ?? Houston property values appreciated significantly so far this year, but affordable mortgage rates could make a transactions very affordable for consumers hoping to make the transition to homeownership.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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