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Housing mortgages drop to record low

By By EMMA WRIGHT

Story Created: Dec 4, 2009 at 3:47 PM EST

Story Updated: Dec 4, 2009 at 9:30 PM EST

(WKTV) - Good news this week for people looking to buy and sell houses. Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low.

The good news comes on the heels of signs the housing market is beginning to emerge from the worst slump since the 1930's. The rate fell to 4.71%, the lowest since mortgage buyer Freddie Mac began compiling data in 1971. Utica realtor Anthony Fumarola says whether you are in the market for buy or sell, now is the time.

"I can only encourage people, if you're thinking about buying a home...now is the time," Fumarola says.

According to the Mortgage Bankers Association, applications to purchase a home or refinance a mortgage rose 2.1% in the last week.

Fumarola says when it comes to getting a mortgage, lenders are still going to be looking for folks with strong financial portfolios. But he says record low rates, combined with new legislation to extend and expand the 'First-Time Home Buyers Tax Credit,' could make now the most affordable time to buy a home.