Mortgage Loan Rates Substantially Lower Today
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By: Mike Kennedy mkennedy@railey.com 301-616-6106 December 17th, 2008 Category: Deep Creek Lake Real Estate, Interest Rates and Loans, Obtaining a Mortgage |
John Simson, a local mortgage broker in Garrett County with Sweitzer Simson of Spectra Funding, announced that mortgage rates have come down substantially as of today. Here are some current interest rates you could lock today if you were thinking about possibly buying real estate, a second home, or resort property at Deep Creek Lake or in Garrett County Maryland.
Here is the note from John;
Rates are the best I have seen in a long time possibly ever!!
They are inverse from what they follow typically, but we can do:
Up to $417,000
15 year fixed 4.75%
20 year fixed 4.625%
30 year fixed 4.5%
Above $417,000
Balloons
30/15 6.00%
30/10 5.75%
30/5 5.5%
3/1 5.125%
5/1 6.00%
Pricing is subject to Loan to value, credit scores, & income ratios.
No one can say for sure that interest rates will stay this low or come down any more in the next few days or weeks to come but one thing is for sure - today’s rates on conforming loans (or those loans less than $417,000) are quite possibly the lowest anyone has seen in decades. Jumbo rates (or those loans more than $417,000) have improved over the past few weeks but with the spread it still probably makes sense to try and finance $417,000 or less when purchasing a home or piece of land. It may be an excellent time for those who may be on the fence deciding whether or not to buy real estate right now to take advantage of these low rates. Give us a call or drop us an e-mail - there are certainly some good properties for sale in our market right now.
Tags: Deep Creek Lake Real Estate, Interest Rates, Mortgages