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Did somebody say that the South had to freeze over before interest rates would get below 5%? Because the South did freeze over and interest rates got below 5%! Yesterday we had a snow day. A snow day like no other for Baton Rouge, Louisiana! It was really coming down!
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I posted a picture of tree in my front yard. It never blooms quite as pretty as it was yesterday covered in snow. We've never had a snow like yesterday, so if you or someone you know is planning a move to the south for the warmth, it's still safe. In fact, we'll have highs in the 70's by this weekend.
Yesterday was a real treat to us southerners. We had 3 inches of snow. And, interest rates are a double Christmas treat. I have contact with lenders that are offering 30 year conventional fixed rate loans at a rate of just 4.875%. WOW! So if you're looking at a $250,000 home with 20% down your principal and interest payment is a mere $1058.42.
Great rates like these may not last any longer than the snow, so if you or someone you know is planning a move - let's get 'em moving!
UPDATE: I've been asked for my lender information. There's a couple of lenders here in Baton Rouge with this rate. One is Hancock Bank and the other is US Capital Corp. And, Yes, the snow had the whole town shut down all day. No school. No Work. But the shopping malls were full!
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The snow was great while it lasted. Lets hope the rates last longer than the snow. Once people know it will pick up the market.