Fixed mortgage rates have been inching down from June 2009 and now are around 5.0%. March of 2009 saw historically how rates rates neared the 4.5% mark and they stayed under 5% for a couple of months. Mortgage rates then started an upward trend into the 5.5% range. How long will rates be at 5%? No one know for sure but it is an absolutely great time to be a first time home buyer with extremely low interest rates and the $8,000 tax credit. Here is a chart showing the running one year trend. Are your buyers sitting on the fence or taking advantage of this great opportunity?
30 Year Fixed Mortgage Rate One Year Trend
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