30 year Mortgages at a record low!!!

The average rate on 30-year fixed-rate home mortgages hit a record low this week, after the Federal Reserve announced it would purchase Treasury securities over the next six months, Freddie Mac's chief economist said on Thursday.

The 30-year mortgage averaged 4.85% in the week ended March 26, the lowest point since Freddie Mac's weekly survey began in 1971. Last week, the mortgage averaged 4.98%; the mortgage averaged 5.85% a year ago.

Fifteen-year fixed-rate mortgages and five-year adjustable-rate mortgages also hit record lows. The 15-year fixed-rate mortgage averaged 4.58% and hasn't been lower since 1991, when the survey began tracking the mortgage. The 15-year mortgage averaged 4.61% last week and 5.34% a year ago.

With home values at current lows, the low interest rates make it an excellent time to be in a buying position!

Home Sales up Nationally...What About Gainesville?

Nationally, home sales were up 4.7 % as reported in the attached video.

http://online.wsj.com/video/higher-prices-may-follow-home-sales/EA999434-627A-4097-8452-2BBBD357BF72.html



But what about Gainesville? MLS statistics indicate we're not quite following the national trends. In fact home sales in Gainesville were down 13% in January and February from the same time period last year.



We see the same active interest from first time homebuyers, looking to take advantage of the $8000 tax credit. The credit, coupled with lower home prices and very favorable interest rates, make it an excellent time for a first time home buyer!!!

Florida Homestead Exemptions

Don't forget that effective in 2009, Florida homeowners receive a $50,000 exemption on their tax base with the passage of ammendment one. For more information, visit my website... www.mrmikesrealestate.com