New York State's mortgage agency interest rates are the lowest in its 40-year history for 30 year fixed rate mortgages, thanks to US treasury bond initiative
Whilst the national average rate on a 30-year fixed rate mortgage stopped hitting record lows the first week in September, the NYS mortgage agency betters them.
30 year fixed rate mortgages from 4%pa for owner occupied homes
The State of New York Mortgage Agency offers lower then market rates for low to middle income mortgage applicants. now touts fixed rates of 4 percent, and for Long Island households with one or two people, the total income goes up to $122,160.
First home buyers offered 3.5% pa mortgage rates if they earn less than $71,260 pa
To encourage first home buyers into the housing market NYS Mortgage agency is offering first time home buyers a low mortgage rate of 3.5 percent per annum for first time home buyers who earn less than $71,260.Freddie Mac rate average up at the same time
At the same time the US Federal Government mortgage loan entity Freddie Mac gave an average fixed rate percentage for a 30 year fixed mortgage rate of 4.35 percent per annum for the same week. That was slightly up from the previous week's 4.325% pa, which had been the lowest since Freddie Mac began tracking this rate in 1971.Lower Mortgage rates make buying a home in New York more affordable
Home buying in the State of New York will be more affordable for low to middle income home buyers, with the NYS mortgage agency delinquency rate 5 times less than the national average.US Federal bond issues allow States' housing agencies to lower their home mortgage loan rates
State housing finance agencies across the US sell bonds to the federal government, and before Labor Day the U.S. Treasury Department announced it would allow Freddie Mac and Fannie Mae to buy such bonds at lower interest rates. These savings allowed State of New York Mortgage Agency to lower its rates to borrowers.To find out more about New York State Mortgage Agency, click here.
Source: Mr Mortgage
