Real Estae: Mortgage Rates Plunge Beyond Expectations

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Chicago
Economists and bankers who follow mortgage rates religiously think that rates don’t have much farther to drop from record lows. They expect that rates can only go up.
But they also know they’ve been wrong before.And on Thursday, there was evidence of another significant drop, when 30-year fixed-rate mortgages fell to an average 3.94%, for the week ending Oct. 6, in Freddie Mac’s weekly survey of conforming mortgage rates. That’s the lowest rates have been in the survey’s history, which dates back to 1971. “It’s hard to imagine how long-term, 30-year fixed-rate mortgages could go lower than they are right now,” said Frank Nothaft, chief economist of Freddie Mac. “These are the cheapest rates we’ve ever seen.” He said that before this week’s mortgage survey results were announced.
And admittedly, he would have said the same thing six months ago.

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Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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