U.S. & Canadian Buyers: Record Low Interest Rates + Record Low Home Prices = High Time To Buy In Scottsdale

When I hear really good news I often joke, “Is it my birthday?” Well today really felt like my birthday because of two news stories. The first, on MarketWatch.com tells of record low rates on 15-year mortgage rates and a seasonal low for 30-year fixed rates. (Excerpt and link below.)

THEN, to add icing to the cake, a Vancouver real estate agent (@thinktomdotcom) tweeted a link to a story in the Globe And Mail with the headline: Dollar hits highest mark in 11 months. Do you hear the Happy Birthday song? It could be your birthday, too.

Here are excerpts and links to the full stories. Come to Scottsdale and let me help you buy a nice vacation condo or golf course home and we’ll celebrate together!

Rates on fixed-rate mortgages fall again

CHICAGO (MarketWatch) — Rates on fixed-rate mortgages fell for a third week in a row this week, and the 15-year fixed-rate mortgage fell to a low not seen since records started being kept on the loan in 1991, Freddie Mac reported on Thursday.

The 30-year fixed-rate mortgage averaged 5.04% for the week ending Sept. 17, down from 5.07% last week and 5.78% a year ago. The mortgage rate hasn’t been lower since the week ending May 28, when it averaged 4.91%.

Fifteen-year fixed-rate mortgages averaged 4.47%, down from 4.5% last week and 5.35% a year ago. The mortgage rate is at its lowest since Freddie Mac started tracking it in 1991…. “Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at three-month lows,” said Frank Nothaft, Freddie Mac chief economist, in a news release. “Interest rates for 30-year fixed-rate mortgages have averaged just above 5% through mid-September, which is roughly a percentage point below last year’s average and suggests that 2009 may reach a record annual low since the survey began in 1971.” Click to read the full story

The Canadian dollar reached its highest level in 11 months against a generally lower U.S. currency Thursday, spurred by firm equity markets.

It hit an overnight high of 94.29 cents (U.S.), then extended those gains by midmorning to touch 94.42 cents, as the price of oil and strengthening equity markets lent support. Click to read the full story.