photo credit: nikcname

Friday, Freddie Mac released the results of their Primary Market Survey; the results were not surprising to many people. 30 year mortgages were up slightly and shorter term 15 year mortgages were down. Remembering that the longer the terms of the loan, the lower the payment is, it makes perfect sense in todays market to get a longer term loan.

The report showed that all shorter term rates fell in response to the record low of 3.82 percent on 15 year fixed rate mortgages. Last week it was 3.83, its no wonder people are shying away from them.

Again, these numbers simply reflect the current mind set of the American people. There is little chance people can stay current with such high mortgage payments, and as a result people are signing longer term loans. People are happy to even be getting into a loan at the moment. Im sure borrowers have no problem signing 30 year notes.

Read the full article from RealtyTimes

Posted in Real Estate Investing, Real Estate Market Conditions, Foreclosure, Real Estate Industry, Real Estate Industry Trends

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