Long-term mortgage rates this week hit their lowest level in five weeks.
Charlotte Business Journal - by Jeff Clabaugh Washington Business Journal

Long-term mortgage rates this week hit their lowest level in five weeks.

Freddie Mac says the average rate on a 30-year, fixed-rate mortgage was 4.91 percent in the week ending Nov. 12, down from 4.98 percent the previous week.

Rates on 30-year mortgages have been below 5 percent for five of the last seven weeks.

A year ago, 30-year money averaged 6.14 percent.

The rate on a 15-year fixed-rate mortgage averaged 4.36 percent this week. That’s less than the one-year adjustable rate, which now averages 4.46 percent.

“Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance,” says Frank Nothaft, chief economist at the Federal Home Loan Mortgage Corp. (NYSE:FRE). “This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up.”
 

With Rates this low and the ability to get up to a $8,000 tax credit with a home purchase by April 30Th 2010 why wait?

Winchester Homes has a large selection of homes that qualify for the tax credit. With our Builder Best program you can lock in today's low interest rates for up to one year. Find out how you can build "Your Home. Your Way" with Winchester Homes in Maryland or Virginia.

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