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Health & Fitness

Real Estate Market in Pittsburgh is on Fire!

real estate, rates, mortgages, homes, market

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%!

Find out what's happening in Pine-Richlandwith free, real-time updates from Patch.

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.

Find out what's happening in Pine-Richlandwith free, real-time updates from Patch.

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 the Coldwell Banker Hampton office at 412-487-0500 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/

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