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Rates Lowest in 2 1/2 Years!!!

By
Real Estate Agent with TNG Real Estate Consultants
Bankrate.com just released an article stating that... Mortgage Rates have dropped to their lowest levels since July, 2005. Recently, rates went down 1 and 1/4 points within a few weeks and then crept back up again to 5.75%.  The nationwide average for a 30-year-fixed is at 5.75%. Tell everyone you know that if they are thinking of buying the "stars are aligned for them." With Congress' Economic Stimulus Package (H.R. 5140) raising the conforming loan limit in Orange County, AND, some of the lowest rates we've seen in years...Why doesn't the OC Register ever tell us when something good happens in the real estate home selling market?

Comments (3)

Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

Is it true that the loan limits are only going to be raised for select areas?

Feb 17, 2008 12:39 PM
Nic Petrossi
TNG Real Estate Consultants - Placentia, CA
NIC PETROSSI
According to verbiage of what I've been reading, yes, the loan limits will only be raised for "high income" areas.  These areas and their corresponding limit increases will be "set in stone" by the Secretary of Housing and Urban Development (HUD) within 30 days of H.R. 5140 being signed.  So, figure the middle of March for a list of areas and the exact loan limit amounts which should be available online via the major search engines.  (I suggest using search queries e.g. "H.R. 5140," "Loan Limit Increases," "Secretary of Housing and Urban Development," or "HUD.")
Feb 18, 2008 04:56 AM
Nic Petrossi
TNG Real Estate Consultants - Placentia, CA
NIC PETROSSI

Loan limits were raised by certain increments for select areas.

Oct 03, 2008 04:42 AM