Vahe Hayrapetian Celebrates Positive News from Home Loan Industry

PHILADELPHIA, PA, May 22, 2013 (Press-News.org) As a home loan specialist, Vahe Hayrapetian knows that much of the mortgage arrangement process relies on timing and planning. However, as new mortgage rate lows are reported within the housing market, many consumers may be quick to jump on financing opportunities to gain purchasing power for the home of their dreams. Hayrapetian comments on the new rates, recently presented in a new article from USA Today.

The article reports, "The average rate on a 30-year fixed mortgage fell to 3.4 percent in the week ended April 25, according to Freddie Mac's weekly survey...That's down from 3.41 percent the prior week and headed toward the record low 3.31 percent of late November. The same week last year, 30-year fixed mortgage rates averaged 3.88 percent." In addition, Freddie Mac--which has kept national price averages since 1971--indicates that 15-year fixed-rate mortgages have reached their lowest point in recorded history. USA Today reports, "Even better, for those who qualify, the average rate on a 15-year fixed-rate mortgage hit a record low 2.61 percent this week, down from 2.64 percent in the prior week."

In response, Vahe Hayrapetian comments, "It is great to see mortgage rates at such considerable lows. These milestone rates--such as those reported for the 15-year fixed mortgages--could offer prospective homeowners an opportunity to buy homes in more favorable conditions than they have experienced in previous months." Still, Hayrapetian strongly encourages fiscally responsible borrowers and potential homeowners to keep a close on the market and to look at mortgage rate trends in face of the larger housing industry picture.

Frank Nothaft, a vice president and chief economist at Freddie Mac tells USA Today, "The housing market is getting a boost with mortgage rates hovering at or near record lows." The article also notes, "New home sales topped 424,000 during the first quarter, strongest showing since the third quarter of 2008." In addition, "February marked the thirteenth consecutive month the Federal Housing Finance Agency has recorded a rise in its 12-month U.S. house price index, which rose 7.1 percent in the twelve months through February, the most since May 2006."

Although the article recognizes that FIFA home prices are not near the peak the market reached in April 2007, Hayrapetian encourages prospective--especially first-time--buyers to pay attention to these trends. "If home buying is up, increased bidding and prices could cause a purchaser to still pay a sizeable amount, despite what they may save through favortavle mortage rates," Vahe Hayrapetian concludes.

ABOUT:

Vahe Hayrapetian is a sales professional with an impressive career history, focused primarily on financial services and home loan companies. Leading in this side of real estate, Hayrapetian has remained dedicated to making sure clients obtain the best possible options when seeking mortgages and are aware of how financing arrangements can serve to benefit their needs. In addition to his professional endeavors, Vahe Hayrapetian is an enthusiastic supporter of FCN, a non-profit organization that seeks to enrich the lives of poor Armenian children.