Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL– 11/15/2012 list has been posted.
These are Single Family Homes ‘Active’ on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
I hope you have an awesome day, packed with smiles while searching for your active Mobile AL Real Estate Dream.
With U.S. lawmakers heading toward the edge of the “fiscal cliff,” government-backed mortgage bonds that fund the vast majority of home loans are looking like a safe haven for investors, helping push mortgage rates to new lows.
Rates on 30-year fixed-rate mortgages averaged 3.34 percent with an average 0.7 point for the week ending Nov. 15, down from 3.4 percent last week and 4 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
That’s a new low in Freddie Mac records dating to 1971. In the four decades that Freddie Mac has conducted the mortgage market survey, rates on 30-year fixed-rate loans had never been below 4 percent until last year.
The survey showed rates on 15-year fixed-rate mortgages averaging 2.65 percent with an average 0.7 point, down from 2.69 percent last week and 3.31 percent a year ago. That’s also a new record in Freddie Mac records dating to 1991.
For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.74 percent with an average 0.6 point, up from 2.73 percent last week but down from 2.97 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending July 19.
Rates on one-year Treasury-indexed ARM loans averaged 2.55 percent with an average 0.3 point, down from 2.59 percent last week and 2.98 percent a year ago. That’s a new low in records dating to 1984. The Federal Reserve has been one of the biggest purchasers of MBS, in a deliberate move to stimulate the economy by lowering the cost of borrowing.
A third round of quantitative easing (“QE3”) announced by the Fed on Sept. 13 has boosted its MBS purchases by $40 billion a month. Because of the sluggish pace of the recovery, Fannie Mae economists think that open-ended program could last through all of 2013 and perhaps into 2014, and grow the Fed’s balance sheet by $1 trillion.