Interest Rates Continue to Fall as Buyers Flock to the Improving Real Estate Market
In case you missed it, the Federal Reserve Board announced last week that they would be infusing $40,000,000,000 (billion) more into mortgage backed securities on a MONTHLY basis. The immediate effect on rates was dramatic and there is potential for more rate declines (believe it or not) once the additional infusions begin to take place.
Here is what rates look like at the moment:
30 Year Fixed FHA and Conventional = 3.375% – no points
5/1 ARM = 2.75% No Points
30 Year Fixed = 3.875% with a .5% credit (on a 700,000 loan that’s $3,500)
5/1 ARM = 2.875%
In case there was any doubt, these are all new historic lows. I have my seat belt, do you?
Contact your favorite lender and see what they can do for you. Call us to discuss your real estate needs. We are happy to point you in the right direction.
Current Homes for Sale in Brea
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