Professional Home Staging and Photography Blog: The Mortgage Interest Rate Lock Advisory - April 21, 2008

The Mortgage Interest Rate Lock Advisory - April 21, 2008

PLEASE NOTE: Effective 5/5/2008, one of the largest Private Mortgage Insurance (PMI) companies will no longer provide mortgage insurance for loans with less than a 5% down payment. Look for other companies to follow shortly. This will leave FHA as the only 3% down payment loan around. For the most part (with very short list of exceptions) 100% financing is already gone. If you have questions or are confused about what types are financing are still truly available, please give me a call.

Current Rates*:

  • 30 Year Fixed - 6.25% with Zero Points
  • Jumbo 30 Year Fixed - 8.0% with Zero Points
  • 15 Year Fixed - 5.875% with Zero Points
  • FHA /VA 30 Year Fixed - 6.125% with Zero Points

    *Rates and fees accurate as of 4/18/08. Rates and fees subject to change without notice.  This is not an advertisement for the purposes of the Truth-in-Lending Act or Regulation-Z. Terms and conditions apply. For qualified borrowers. Not a promise to lend.

Interest rates are based on numerous economic, financial and credit based factors that adjust daily. In addition, lenders can vary on qualification criteria from program to program. If you like the rate today, the safe bet is to lock. Even if rates improve, they wouldn't improve enough in the short term to make you cry about it. But if you are an ardent market bear, and accept the risk of negative mortgage headlines, and believe the economy will just get more bad news next week, and you have the money to risk, you may benefit from floating. Just remember, it always seems more painful to have not locked when you should have as opposed to locking and then watching rates get a little better.

 

East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

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Comment balloon 1 commentLew Corcoran, ASP® • April 21 2008 05:58AM

Comments

More great advice, Lewis, you certainly know your trade!
Posted by Robert Monk, Florida Real Estate (100% Realty, Inc.) over 10 years ago

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