Pittsburgh Real Estate Market is Hot!!

We all know the real estate market in the Pittsburgh area is
on fire. I’m happy to tell you that mortgages are pretty hot themselves!

This past week, 30-year fixed mortgage rates fell, as did
15-year fixed. In fact, the average rate on a 15-year fixed mortgage is
currently at a record low 2.61%!

So what does that mean, really? Well, there are two types of
mortgage rates: fixed and adjustable. An adjustable rate does just that—it can
increase over the years of your loan. That means that while your first years of
payments might be at a lower rate, you could end up owing higher payments as
time goes on and could spend more over all.

Fixed, as the name suggests, gives borrowers a set rate,
making their payments equal over the length of their loan. Folks on the house
hunt are thrilled to see fixed at such low rates!

Feel free to contact me with any questions you might have,
or check out what USA Today had to say. http://www.usatoday.com/story/money/business/2013/04/25/15-year-mortgage-rate-record-low/2112351/