Adjustable Rate Mortgages hit record lows for the second week in a row and fixed-rate mortgages remained at near historic lows for a fifth consecutive week, according to Freddie Mac in its weekly Primary Mortgage Market Survey.

At this time last year, the 1-Year Treasury-indexed ARM was 3.25 percent.  It is now averaging 2.78 percent.  A 30-year fixed rate mortgage is at 4 percent, last year it was at 4.46 percent. 

Add to that, historically low home prices and investors are entering the markets in droves.  According to the Colorado Division of Housing, pending home sales in the western region of the US, including Colorado, rose 6.6 percent year over year.

"More optimistic consumers, lower house prices, and bargain mortgage rates may have contributed to the 10.4 percent jump in pending home sales in October to the strongest pace since November 2010 and may bode well for future home sales." said Freddie Mac chief economist, Frank Nothaft.

Hire a professional REALTOR to help you navigate the home buying process.

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