Thirty year fixed rates are at historic lows, the lowest since Freddie Mac started its survey in 1971. Fifteen year fixed rates are the lowest we have seen since June 2003.  What does that mean to the local market? Since our market has fallen to prices we have not seen in several years, the affordability of homes and condos has improved dramatically in the past few weeks. When rates start to fall, mortgage payments decline and buyers can afford a larger mortgage for the same monthly payment. Usually when mortgage payments fall to these low levels, it can signal the bottom of a real estate market. With a great selection of homes available now, we are here to help you with your home purchase. Call Nancy Jenkins Team at 802-846-4888. 
-Nancy

Mortgage rates dip to new all-time low

The 30 year fixed rate fell to 5.01%, its lowest level since Freddie Mac started conducting its survey in 1971.

By Larissa Padden, CNNMoney contributor
Last Updated: January 8, 2009: 11:32 AM ETNEW YORK  (CNNMoney.com) -- Mortgage rates fell to another all-time low, declining for the tenth consecutive week.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year.

The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971. (read more)