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Health & Fitness

Mortgage rates are beginning to fall again!

The 30 year fixed rate mortgage averaged about 4.22 percent this week, which is at the lowest level since the end of June.  The 15-year fixed-rate mortgage averaged 3.29 and the 5-year adjustable-rate mortgages averaged 3.03 percent this week according to a Freddie Mac survey.

In prior months some perspective homebuyers had been moving to the sidelines as rate began creeping up in anticipation of the Federal Reserve tightening its buying program.  However, since the Fed announced last week its policy to continue its 85 billion dollar per month purchase of U.S. Treasury and Mortgage Backed Securities, rates have begun to reverse and head south again.

So home buyers should be happy right?  Unfortunately inventory of single-family homes and condominiums continues to decrease strengthening property value as demand continues to out pace supply.  Great for homeowner looking to benefit from increased home equity or home Sellers looking to maximize profit potential as they place their home on the market.

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