Mortgage rates are down today and may improve even further tomorrow. Floating your rate may save you money, but in this environment there are no guarantees.
A trio of mortgage rate friendly data was released today.
- Consumer confidence is @ a 10 month low and consumer expectations is @ the lowest level since July 2009.
- The FDIC announced the Problem Bank List grew 27% from 552 to 702 in the 4rth qt of 2009.
- The NAR says no meaningful recovery in commercial real estate until 2011.
All 3 contributed to lower rates. Remember, bad economic news is generally good news for mortgage rates.
The 3o yr fixed rate mortgage is in the 4.75% to 5.25% range for well qualified consumers. 15 yr fixed is 4.25% to 4.625%. Rates are dependent upon credit score, loan purpose, loan to value, property type and whether you pay points / origination fees.
These low rates will not last. Most expect a gradual rise throughout 2010.
To lock in on today’s low rates I’ll need a complete application and a current credit report. Click Here to apply now! Or, call toll free 877-627-9211 x 104 for a FREE, no obligation quote.
Posted by Scott Fowler. Scott can be reached locally @864-527-8900 x 104, toll free 877-627-9211 x 104 or email SFowler@HorizonFinancial.org. Visit Scott’s web page @ www.ScottFowlerTeam.com.
