Time to take advantage of LOW mortgage rates

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history. The news is everywhere. Just check out some of these headlines from the last 24 hours: *

Mortgage rates set new lows for the sixth straight week (Reuters)

* Mortgage rates fall again; 30-year fixed at 4.54% (Wall Street Journal)

* Mortgage rates hit another low : 4.54% (NPR)

Fixed mortgage rates are now down more than 1/2 percent from the start of the year, and 3/4 percent from just 1 year ago. The drop has dramatically improved home affordability for home buyers in Tennessee while creating refinance opportunities for existing homeowners. From a payment perspective, a conforming, 30-year fixed rate mortgage is now cheaper by $41.94 per month per $100,000 borrowed versus June 2009.

A homeowner with a $300,000 mortgage, therefore, is saving $45,294 over 30 years. Low mortgage rates rarely last long and rates appear to have flattened. After a big downhill between April and July, they’re now stable. This could mean rates have finished falling, or that they’re gearing up for another drop lower. Either way, if you haven’t talked to your real estate agent about home affordability, or your lender about refinancing, it may be time to make that call. If today’s market marks the end of low rates, rates are expected to rise quickly.

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Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

Georgia: License # 36362

Albany, Atlanta, Augusta, Alpharetta, Athens, Canton,  Columbus, Dalton, Dunwoody, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, Smyrna, Valdosta, Warner Robbins

Kentucky: License # MC305583

Louisville, Lexington, Bowling Green, Owensboro, Covington, Hopkinsville, Richmond, Florence, Elizabethtown, Frankfort, Paducah, Independence, Danville

Louisiana: License # 35486

Alexandria, Baton Rouge, Bossier City, Central, Denham Springs, Hammond, Houma, Kenner, Lafayette, Lake Charles, Livingston,  Marrero, Metaire, Monroe, New Iberia, New Roads New Orleans, Prairieville, Shreveport, Slidell, Walker

Tennessee:  License # 108470

Bartlett, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Crossville, Fairfield Glade, Franklin, Germantown, Goodlesttsville, Hendersonville, Jackson, Jamestown, Johnson City, Karns, Kingsport, Knoxville, Memphis, Morristown, Murfreesboro, Nashville, Oakridge, Smyrna, Spring City

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We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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Topic:
Lending / Financial
Location:
Tennessee
Tags:
fha
home
home loan
purchase
usda
memphis
crossville
nashville
knoxville
cookeville
real estate
va
mortgage
refinance
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Rainmaker
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Ann Sabbagh
Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT - Pawtucket, RI
President, Sr. Loan Officer

Bill,

Nice post.  Just closed on a FHA purchase today 30 year fixed: NO points.  Everyone was in awe at the closing table.  NEVER thought the rates would go this low!

Jul 30, 2010 03:03 PM #1
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Rainmaker
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Bill McDonald

VA, USDA, FHA Government Loans - (865) 686-8711
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