Mortgage rates headed into unchartered waters; this is very good!

Mortgage and Lending with Choice Finance Corporation

Those pundits and arm chair quarterbacks out there who were predicting mortgage rates below 4.5% are either really good or really lucky. The truth is, it does not matter. As of 8:40 on Monday 11/30/2009 we appear headed to opening rates at 4.375% or lower with 1 point upfront.

To overuse a phrase that is already grossly overused, this is a perfect storm. Home values have stabilized and in many markets like Montgomery County, MD ; home values have started to rise in some pockets. This makes it an ideal time to refinance or purchase, especially if you have a JUMBO mortgage. Rates on Jumbos will beat 4.875% or LOWER with zero points today!

We have long been concerned about the new FHA guidelines that will limit the loan amount and basically require all closing cost to be paid by the lender, today that is not an issue. I will be able to offer 5% with all closing cost paid on FHA streamlines. This should be the case on both conforming and Jumbo FHA streamlines.

Speaking of no closing cost refinances, they will be hot today as well. How about 4.875% with all closing cost paid by the lender?

What I do not want to here from my clients today is that they want to wait for rates to move even lower. As a mortgage professional, the biggest piece of advice that I can give you is to learn from the past. When rates are this low, do not hesitate. LOCK IN YOUR INTEREST RATE today. Today is the only thing that is a given.

Contact Josh Burley today to LOCK your purchase or refinance
301.881.8900 x125

Work with a LOCAL mortgage lender that you can trust. Choice Finance has been serving the DC Metro area since 1996

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USDA, FHA , VA, Conventional and Jumbo mortgage rates

Josh Burley
Sr. Loan Officer
Choice Finance Corp.

Comments (2)

kathleen bonham
FHAllen, Sonoma Country and Vintage - Santa Rosa, CA

Sounds good Joshua..Unemployment is a major factor in the recovery of this recession and until that is under control interest rates need to stay low, Thanks for the post.

 We used to live in Arlington, Va. but moved west 9 years ago into the Northern California wine region. Glad housing is recovering there, we were hit pretty hard out here but are slowing coming back.

Nov 30, 2009 12:21 AM
Choice Finance®
Choice Finance Corporation - Rockville, MD

Arlington is doing relatively well. Most high end DC suburbs have stopped the bleeding for now. There are still great bargains, even better in the outlying suburbs like Frederick, MD and Loudon County, VA

Nov 30, 2009 05:02 AM