To my surprise the mortgage rates in Maine have remained very low. Rates have slowly come back down to 5.00% for a 30 year fixed rate and 4.375% for a 15 year fixed rate for qualified borrowers.
As recent as January 2011 it seemed rates were finally headed north. The 30 year fixed rate consistently reached 5.25% and at times 5.375%. While these rates are still incredible they seem high considering the past two plus years. Over that span we saw the 30 year rate drop as low as 4.25% and the 15 year rate to 3.5%. Will rates ever get back to these levels? I don't think so.
The simple truth is that no one can truly predict where mortgage rates will go. Keep an eye on the bond market. Lower bond yields generally result in lower mortgage rates. This market is currently being artificially stimulated by the Fed with the current bond purchase program that lasts until June 2011. Who knows where the market will go when this stimulus has ended.
With attractive rates still available, loan programs that allow for low or no down payment, and grant money available for first time buyers this is a great market to explore. Whether you have a home to sell or are ready to buy I can help you determine what type of mortgage you qualify for.
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