Stockton Real Estate: Interest Rate Trends
Mortgage Rates Remain low and Stockton Real Estate and Lodi Real Estate home prices are at an all time low presenting buyers with great buying opportunities. When you apply for a mortgage, you are charged an interest rate. This It determines how much your monthly payments will be. The higher the interest rate, the higher your monthly payment will be.
Mortgage interest rates change constantly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
National Average interest rates as of Jan 13th 2011.
Loan Type | Today | Last Week |
· 15 Year Fixed | 4.333% |
| 4.324% |
· 30 Year Fixed | 4.924% |
| 4.922% |
· 1 Year ARM | 3.087% | -- | 3.087% |
· 5/1 Year ARM | 3.213% |
| 3.246% |
** Interest Rates are subject to change.
The Real Estate Team of Hugh Lilly and Maria Estrada have been helping buyers achieve their real estate goals for over 30 years Call Hugh at 209-479-9222 or Maria at 209-406-0667 for a no obligation consultation. Visit our web-site at www.homes-in-stockton-forsale.com