Interest Rates Remain Stable To Lock or Not To Lock in Your Interest Rate
There is no exact science or formula to know when to lock in your loan and protect you interest rate against swings in the real estate mortgage market. Consumers and buyers need to watch the rates and consult with their real estate professional Remember you could be living with your mortgage loan for a long time and closing escrow with the best possible interest rate is important to you financial well being.
Current Interest Rates and Loan Programs
Mortgage Program | Down Payment | Current Rates | Last Weeks Rates |
FHA | 3.5% | 5.5% | 5.5% |
VA | 0 | 5.5% | 5.5% |
Conventional | 10% | 5.375% | 5.375% |
Conventional | 20% | 5.25% | 5.25% |
Investment | 25% | 6.375% | 6.375% |
Investment | 20% | 7.375% | 7.375% |
It looks like rates may rise with inflation, stock market activity improving and a large number of mortgage bonds that will be coming on the market. I feel that it would be wise to lock at this time. Remembeer there are other costs assiciate with a mortgage and real estate purchase. We would be happy to help you with refer you to a lender just contact us at www.your-new-address.com .
Advice to the 1st time buyer
Time is running out on the 1st time buyer's tax credit
Become pre-qualified for a mortgage
Know what you what in a home
Start your home seach with a qualified Realtor