Mortgage News Updates: Your Dream Home may be in Reach with Low Interest Rates

During the week ending August 22nd, mortgage rates hit a new low for 2014, making it possible to afford to pay a bit more for a home.

If your dream home is a bit more expensive than what your budget allows you to spend, then the latest data from Freddie Mac, as reported in Realtor Magazine, may offer you a pleasant surprise. Despite forecasts from industry experts that interest rates for mortgages were to be on the upswing, the rate for a 30 year fixed mortgage dropped to 4.10 percent during the week ending August 22, 2014. This is significantly lower than the 4.58 percent interest rate for a similar loan a year ago.

Borrowing Costs Decrease for Different Loan Types

Even if you are looking to finance the cost of your home for only 15 years, your borrowing expenses are currently likely to be the lowest right now. The interest rate for a 15 year fixed rate mortgage is only 3.23 percent, which is significantly less than the 3.60 percent rate they were last year. Even the rates for five year adjustable rate mortgages have hit bottom for 2014 at 2.95 percent.

Even with low interest rates, you need the guidance and advice of a mortgage expert to ensure you obtain the best home finance solution for your needs with the best terms possible.