Low Mortgage Rates Available

Spokane real estate mortgage rates are still very low. With today's rates, the large resale inventory, and lower prices Spokane homes are very attractive.

clipped from www.cnbc.com Rates on 30-Year Mortgages Fall to Average 5.16% Rates on 30-year-fixed mortgages fell this week, offering homeowners a chance to refinance their loans, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage dropped to 5.16 percent this week from 5.25 percent last week. A year ago, the 30-year, fixed-rate mortgage averaged 5.72 percent. Frank Nothaft, Freddie Mac's chief economist, said interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below last year's peak set in late July, "offering many homeowners an incentive to refinance." The new rate translates into a monthly payment savings of about $188 on a $200,000 loan, Nothaft said. Average rates for 30-year-fixed mortgages had been rising since hitting a record low of 4.96 percent a month ago, a decline attributed to the Federal Reserve's move to buy $500 billion in mortgage-backed securities to spur lending by banks.