Just a quick update here:
There is some good news today for prospective home buyers and those who are looking to refinance their mortgages. The rate on a 3o year fixed rate mortgage dropped to 4.250* percent with a 4.454 percent APR this afternoon. Click to see a complete listing of our mortgage rates. For the sake of comparison, Freddie Mac found that the average rate on a 30 year fixed mortgage was 4.77 percent last week.
Fixed mortgages are extremely popular in the United States, largely because they allow borrowers to shift the risk of rising interest rates to their lender. If rates increase, the borrower is covered, and if rates decrease significantly, the borrower is able to refinance their mortgage to take advantage of the lower rates (although in some ways it is somewhat unrealistic to think that mortgage rates will get much lower, as they are only slightly above 50 year lows).
*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.
Mortgage rates are subject to constant change, and this rate was valid as of 2:00 PM on 1/11/11. Don’t miss out on the opportunity to grab this great rate. Call us today at 877-868-2509.
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