The Mortgage Interest Rates are still VERY low. When I think back to buying my first home in 1996; I had an 8.75% interest rate. Everyone congratulated me for
such a great rate.
Now rates are hovering in the low 5%'s. Pretty damn good if you ask me!
Everyday the rates change slightly; most sites are showing the average rate to be 5.51% with no points. No this is of course assuming you have good credit and some money to put down.
Rates seemed to have ticked up .07% since last week; but down from the huge jump a couple of weeks ago when they were near 5.75%.
As always; when shopping for a mortgage - call 2 or 3 of your favorite lenders. Ask your Realtor to recommend a couple. STAY AWAY from the 'Lending Tree' people - they will just cost you headaches in the long run.
Compare the following:
- Rate (Important, but not everything)
- Fees (Anyone can give you a lower rate; but at a price)
- Service (you get what you pay for. A slightly lower rate only saves you money if the loan actually closes)
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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Hi James
It's incredible how great rates are. That was a good rate in 1996 you got. I remember in the 80's when they came out with a "thing" called an ARM, and it was only 12% so one could avoid the higher interest rates. How old is Casey about now?