Long-term mortgage rates continued to move lower this week, with a 15-year fixed-rate mortgage falling to a record low for the second consecutive week.
The weekly rate report from Freddie Mac says 30-year fixed-rate mortgages averaged 3.35 percent in the week ending May 2, down from 3.4 percent last week. The average rate on a 30-year fixed rate loan is just above its all-time low of 3.31 percent set in November.
A 15-year fixed rate loan fell to an average of 2.56 percent, on par with average rates for both one-year and five-year adjustable-rate mortgages.
What is a FICO Score? Most credit bureau scores in the U.S. are calculated from software developed by Fair Isaac and Company. They are commonly referred to as FICO scores and include a rating based on information found in credit reports.
Credit scores can be the deciding factor for many major transactions. Lenders use credit scores to predict future behavior based on your past—if you have a low score because your cable bill is delinquent, then a lender won't think you're a good risk.
The housing market may be coming back, but a growing number of policy makers have expressed concerns recently that it’s still too hard to get a mortgage.
For a good number of real estate professionals, 2012 wasn't a great year. We were still on a downward spiral towards the bottom of the real estate market. This wasn't exciting news for real estate investors looking to make profitable deals 