Mortgage rates end year near record lows

During the week ending December 27, the average rate for a 30-year fixed-rate mortgage fell to 3.35 percent.Although the price of Houston real estate appreciated significantly so far this year, mortgage rates hovering at all-time lows could make the transition to homeownership affordable.During the week ending December 27, the average rate for a 30-year fixed-rate mortgage fell to 3.35 percent, from 3.37 percent, according to a report from Freddie Mac. Meanwhile, 15-year FRMs hit 2.65 percent, which was unchanged from the previous week.”Rates on 30-year fixed mortgages were nearly 0.6 percentage points below that of the beginning of the year, which translates into an interest payment savings of nearly $98,600 over the life of a $200,000 loan,” said Freddie Mac vice president and chief economist Frank Nothaft.Additionally five- and one-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.7 and 2.56 percent, respectively, the report said.During the month of November, the average price of a single-family Houston home spiked 10.5 percent on an annual basis, to $228,275, according to the Houston Association of Realtors. Luckily, mortgage rates at current levels could significantly offset the added costs.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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