Is this a Good Time for a Mortgage?
Yes!
In early June, the national average interest rate for a 30-year, fixed-rate conforming loan (under $417,000) was 4.9%,
"These are the best rates we'll see for a decade, and I don't expect them getting better." Business is slow right now, so lenders may even bid for your business if you have good credit.
Lending standards remain tight, and lenders have been picky even with the best-qualified borrowers.Freddie Mac, which set the standards for mortgages they buy from lenders, require a minimum credit score of 620; you'll get the best rate if your score exceeds 720 (Federal Housing Administration) requires a minimum credit score of 580 to qualify with a down payment of 3.5%.
FHA
The 30-year fixed rate for conforming jumbo loans ( for homes priced up to $729,750) was recently 5.0%
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