Cliff's Notes…on Real Estate

Good news for those looking to lock in rates! Mortgage rates continued to drop this week, as Freddie Mac reported that rates continued to drop consecutively for nine weeks in a row. Rates for a 30 year fixed mortgage dropped to 5.10% , down from 5.14% for the previous week. “Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all-time record low since Freddie Mac’s survey began in April 1971,” Frank Nothaft, Freddie Mac’s chief economist stated.

And the good rate news has lenders busier than they’ve been in a year. The Mortgage Banker’s Association index of mortgage application activity held steady this week at 1,257.7, which is its highest level since July 2003.