NYC Apartment Agent

New York real estate + beyond

Mortgage Rates Hit Historic Lows

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NYC Apartment Agent: Mortgage Rates Keep Dropping

NYC Apartment Agent: Mortgage Rates Keep Dropping

NEW YORK — If you are considering purchasing a home, the past week provided a powerful incentive with mortgage rates at historic lows.

The Real Deal writes:

The 30-year fixed rate is 4.12 percent, down from 4.22 percent last week and 4.35 percent during the same period a year ago. The 15-year rate declined to 3.33 percent, down from 3.39 percent last week and 3.83 percent during the same week of 2010.

Five-year adjustable-rate mortgages matched the all-time low set last week of 2.96 percent, down from 3.56 percent last year. The one-year adjustable rate was down to 2.84 percent, also an all-time low.

Earlier this year, The Wall Street Journal pointed out that mortgage rates at the time were approaching 50-year lows.

Perhaps it’s no surprise that more Manhattan co-ops costing more than $5 million have sold in the first half of 2011. Brooklyn, too, saw a 60 percent increase in home sales of $1 million and up in the second quarter.

Soft demand and oversupply have made it a good time to buy, but there is no telling how much longer these circumstances will last.

As always, if you are looking to buy, rent or sell a home in New York, please let me know.


6 Responses

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  1. […] mortgage rates drop and the real estate market continues to improve in Manhattan, Brooklyn and Queens, we are seeing […]

  2. […] rates are still hovering around 4 percent, and with a decline in the price of smaller apartments there is great opportunity for savvy […]

  3. […] has been positive, the markets are up, October was a strong month for stocks, interest rates are still at historic lows and the perception on the street is that now is a good time to […]

  4. […] supports the trend of serious New York buyers remaining undeterred in forging ahead, especially as interest rates are low and still feeling downward […]

  5. […] 90-square-foot apartment 280 Washington Avenue 2011 11205 A&D Building apartment apartments Architects & Designers Building Brooklyn brownstone Clinton Hill Crain’s New York design employment Felice Cohen Financial District forecast GE Monogram Gothamist health interior design interiors Jessica Warren Manhattan Marcus & Millichap MDC Miele MPF Research New York NYC Pfizer Mansion real estate Reis rents sales San Jose showroom standing desk The Real Deal The Wall Street Journal tour Upper West Side USA Today vacancy rate walkingSource: […]

  6. […] It was just September that mortgage rates at 4.12 percent were considered a historic low. […]

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