Mortgage Interest Rates have fallen to all time lows as of yesterday December 10, 2008. The current 30 year Fixed Rate is 4.875% and a 15 year Fixed Rate is 4.75%. These are 50 year lows! A 30 Year Fixed Rate means your rate and payment of principal and interest will not change for 30 years, no matter what the market does. A 15 Year Rate gets you a slightly lower rate, but the loan is paid back within 15 years instead of 30 years.
These rates only apply to loan amounts of $417,000 or under, that means the bank will not loan more than $417,000 with this rate. If you need more than this, the rate changes.
If you have an Adjustable Rate Loan (an ARM), it may make sense to refinance to a Fixed Rate. If you were on the fence about purchasing a home and will need a loan to do it, now is the time to lock in the low rate.
Do you need a referral to a great local lender that can do these loans? Feel free to contact me.
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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024 View Intown Living Blog
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