Mortgage Interest Rates have fallen to all time lows as of yesterday December 10, 2008. The current 30 year Fixed Rate is 4.875% and a 15 year Fixed Rate is 4.75%. These are 50 year lows! A 30 Year Fixed Rate means your rate and payment of principal and interest will not change for 30 years, no matter what the market does. A 15 Year Rate gets you a slightly lower rate, but the loan is paid back within 15 years instead of 30 years.
These rates only apply to loan amounts of $417,000 or under, that means the bank will not loan more than $417,000 with this rate. If you need more than this, the rate changes.
If you have an Adjustable Rate Loan (an ARM), it may make sense to refinance to a Fixed Rate. If you were on the fence about purchasing a home and will need a loan to do it, now is the time to lock in the low rate.
Do you need a referral to a great local lender that can do these loans? Feel free to contact me.
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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024 View Intown Living Blog
good post to pass along to my buyers ( & sellers who may want to re finance
may I borrow it ?
thank you
Man I wish that the media would work on these stories as hard as they did on how bad the market was and is depending on where you are......I bet if the media did this we would all sell one more home this year.......
Todd Hueffed
Jen hopefully with interest rates this low it will spur some buyers who have been on the fence!
Jen we are in the mid 5% here in Connecticut with NO POINTS. Are the rates that you stated with no points as well??
Karen, Yes, you may republish this. I will set the reblog feature for you. Thank you!
Todd, If only the media would report this. I think it's great news. I showed homes to 3 different buyers this week. I think they are realizing the value of low fixed interest rates.
Bill, Many buyers have been on the fence, paralyzed by fear. With low home prices and low interest rates, now really is the right time to buy. We are looking at investment property because of it.
George, Yes, the rates are no points as well. 3 of my local lenders sent me info on it and I called to confirm, no points. Hopefully our low rates in Georgia will go up to you in Connecticut too!
Thank you all for responding to my post! Happy Holidays!
I've seen a couple of loan brokers here offering 3.83% and 3.87%. Unreal.
Best wishes for health, happiness, peace, and prosperity for 2009.