Happy Thanksgiving!
Thanksgiving came a bit early this year in the form of an announcement from Uncle Sam.
The Federal Reserve along with the Treasury announced that it will be pumping more money into the economy to the tune of 800 BILLION dollars. $500 billion of which will be slated towards buying mortgages. This announcement has generated a huge rally in the mortgage markets today and we have seen unbelievable rate improvements in a few short hours of trading this morning.
What does this mean? In English: 30 year fixed Rates are now well below 6% If you have good credit and you are interested in buying or refinancing your existing home.
•· Conventional loans as low as 5.625% with 0 points*
•· FHA loans are 5.5% with 0 points**
These are rates that we have not seen in quite some time, Mortgages are finally coming back to reality and settling in to where they should be based on current economic data.
Happy Thanksgiving!
Rob
(732)223-1630 x102
Real Estate Mortgage Network
(732)740-0175
*Conventional loan: 5.709% APR with a 20% down payment
**FHA Loan: 6.26% APR
Rates are subject to change based on market fluctuations. The above rates are as reported November 25, 2008; for qualified borrowers in NJ. Please call for more information.
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