First National Bank in Camdenton posts lowest rates in 37 years!
Every cloud has a silver lining, and here is the upside to our down market:
First National Bank in Camdenton has posted interest rates below 5% for fixed rate loans including USDA first-time home buyer loans. These rates are the lowest recorded since Fannie Mae began its weekly survey 37 years ago. This means that it’s a great time to consider refinancing (In addition to interest rates, it’s important also to weigh the refinancing costs and the tax impact from reducing your mortgage interest deduction.)
It also means it’s a great time to buy. Local lenders are lending even after many of the nationwide lenders have said “no”. Plus housing prices are roughly 10% less than this time 18 months ago.
Will prices and rates continue to fall? That’s the $24 question. But the problem with waiting for prices to bottom out is: one never knows where the bottom is until it’s past!
If you’re considering refinancing, or would like to talk to a lender to see how much a home you may qualify for, give me a call and I’ll be happy to send you a contact list for local banks.
(This post originally appeared at: www.postcardsfromthelake.com)