In Time for Buying Season, Rates Reach Yearly Lows

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Daily Real Estate News
May 6, 2011
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In Time for Buying Season, Rates Reach Yearly Lows

The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.

Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.

The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week’s 3.15 percent. Last year at this time, it averaged 4.07 percent.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” says Frank Nothaft, Freddie Mac’s chief economist.

Source: “30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent,” Freddie Mac (May 5, 2011)

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Top Ten Facts about Lake Murray SC

http://www.midlandsbiz.com/news/markettrends/1287/ 10- Each of the Lake Murray towers is 223 feet tall. 9- The 4th of July fireworks on Lake Murray can be seen from 4 counties (Richland, Lexington, Newberry and Saluda Counties). 8- Lake Murray was named after William S. Murray, who was an engineer involved in the design and creation of the dam. 7- The biggest fish ever captured on Lake Murray was a 298 pound sturgeon by four young men on April 28, 1936. It was nine feet tall. 6- In October 2011, the American Fishing Tour/Angler of the Year (AOY) Tournament will be held on Lake Murray and will generate 7,000 + room nights for the region. 5- In 2009, The Forrest Wood Cup event produced 113,670,570 (billion) media impressions and a $46,556,207 economic impact on the region. 4- The 4th of July Celebration on Lake Murray is now in its 23rd year of existence and over 125,000 people view the fireworks each summer. 3- Lake Murray is the #1 home to the Purple Martin Phenomenon. It is on Lunch (Bomb) Island on Lake Murray and is the largest, natural, roosting sanctuary in North America. 2- There are over 390 rooms on Lake Murray available for vacation rental. 1-150+ million people visit Lake Murray each year.