The home mortgage interest rates rose last week to 3.98%. However, even though the rates rose, they continued to remain below 4.00%. This is the interest rate for a 30 year mortgage for primary residences.
Interest rates on 15 year loans also increased last week, but only modestly. The interest rates for 15 year home mortgages increased from 3.17% to 3.24%. These are some of the lowest interest rates ever for these types of loans.
At these incredibly low interest rates, you would think that there would be considerable interest (pardon the pun) however the number of home sales has not increased to any significant level recently. This essentially indicates that potential home buyers continue to remain skittish about the economy as a whole and / or they are unable to secure new home loans.
If you are looking for a new residence, be it a new construction home or an existing home, this remains an excellent time to be a buyer for homes. Sellers are offering incredibly low prices for homes in most parts of the country, and lenders are offering opportunities for you to secure loans at some of the lowest interest rates for home mortgages even seen.
For more information about this week’s home mortgage interest rates, see this article: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/29/REHM1MUU03.DTL
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