My in-house mortgage specialist was smiling yesterday when he informed me about the latest mortgage rates that dropped within the past 2 days. It is so encouraging to know that rates are STILL at an historical low point:
For "conventional" loan amounts (under $417,000)
30 year fixed is 6.25%
15 year fixed is 5.875%
3/1 ARM is 5.625
5/1 ARM is 5.875
For "jumbo" loans (over $417,000)
30 year fixed is 6.875%
15 year fixed is 6.50%
3/1 ARM is 6.00%
5/1 ARM is 6.125%
This is truly exciting information for you if buying a property is in your immediate future. With a good credit score, the mortgage money is a bargain. Don't hesitate, jump in and find a terrific home at a terrific price, with terrific financing! It's a triple play, if you would think of it that way: selection, price, and financing.
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