Interest rates still at historic lows, a key driver

Heading into the fall home-buying season we have the added boost from the first-time buyer tax credit plus historically low mortgage interest rates. Who remembers back to the early 1980s when rates reached the high teens? People bought and sold homes even then.

Throughout 2009 we’ve seen record low mortgage interest rates and this trend continues today as Freddie Mac released results from its Primary Mortgage Market Survey with the 30-year fixed-rate mortgage averaging 5.08 percent for the week ending September 3. Last week it averaged 5.14 percent and last year at this time it was 6.35 percent.

Mortgage interest rates are just part of the homeownership equation. Remember to review your credit report as your credit rating can be a factor in determining the terms and availability of a loan. You can get a free credit report from www.annualcreditreport.com, the only authorized source for a free credit report per the federal Fair Credit Reporting Act.

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