Its a Happy Day in Wasilla Alaska! The Howling Wind has stopped, Sun is Shining, there is more more Sunlight each day and it is busy in the real estate world. The interest rates are today are pretty favorable I'm told.
The rate for 30 year fixed "conventional" loan is hovering between 4.375% and 4.5%, depending on adjusters.
FHA/VA 30 year fixed is right at the 4.00% mark.
For the right customer, adjustable mortgage rates are pretty attractive right now, with some terms as low as 3%. Very few customer select ARMs, but for those with a short term plan, they can be pretty powerful. The most common ARM is called a 5/1 ARM where the rate is fixed for the first 5 years. After 5 years the rate can go up a maximum of 2% per year and no more than 5% overall. So the maximum rate after 8 years would be 8% if rates are increasing and assuming you started with a 3% interest rate.
Be Well :-)
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