Posts from June 13th, 2011
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13
Fixed-rate Mortgages Fall to 6-Month Lows
Local lenders saw rates on 30-year and 15-year, fixed-rate mortgages move to a six-month low this past week, an important factor in the housing market recovery. Jane Schneider, President of 1862 Mortgage, said rates have slipped again presenting a great opportunity for buyers, as well as those ready to refinance. The average 30-year fixed-rate mortgage, with no points, fell to 4.5%, while the 15-year fixed rate mortgage, with no points, fell to 3.875%. A 5/1 Portfolio ARM (adjustable rate mortgage) fell to 3.625%. "Whether you are interested in buying a new home, investing in real estate or refinancing your current home, now is the time," Schneider said. "Borrowers would be wise to lock in rates, as things can change quickly and rates have been very unpredictable in this market." National analysts say the drop and the lack of ability of borrowers to qualify and take advantage of these rates due to ne...
