Freddie Mac’s Primary Market Mortgage Survey for the week of July 12, 2012 revealed that average fixed-rate mortgages hit record-lows once again.
The average 30-year fixed-rate mortgage was recorded at 3.56 percent, which was the 16th week in a row that it has been below 4.00 percent. The average 15-year fixed-rate mortgage was reported at 2.86 percent, which was the 7th week in a row that it has stayed below 3.00 percent.
According to the LA Times news report, borrowers can lock in rates that are even lower by shopping around and paying upfront discount points.
So what does this mean for luxury real estate? This means luxury homes for less! As we noted in a recent post on Top Tips for Buying Mega-Mansions, it’s more economical to purchase a multi-million dollar home with a mortgage, even if you have the cash up front.
Hurwitz James Company specializes in buying and selling multi-million dollar estates and trophy properties all across the globe; below are some of our current listings. Investors and homebuyers interested in purchasing luxury real estate can contact Hurwitz James Company at 888-681-5902.
Luxury Oceanfront Condo listed at $1,795,000
Malibu French Country Estate listed at $14,500,000
The Castello Della Costa d’Oro listed at $58,000,000