Juicy Estates: Mortgage Blog

Mortgage Interest Rates Hit Historic Lows…Don’t Miss the Boat!

In the past 24 hours mortgage interest rates have moved lower, again by another .5% and are now stand at all time historic lows.  Yesterday I wrote about getting “your ducks in a row” as economic indicators including treasury yields were foretelling of lower rates and it didn’t take long.  The action taken by the Fed to inject another $800 billion into the financial markets is having a dramatic effect on……

 

…..the mortgage backed securities market and as a result all mortgage interest rates have dropped to new lows.  If you are currently looking at homes for sale in Coral Gables, Pinecrest, Key Biscayne or any other South Florida neighborhood you will be paying a significantly lower interest rate than you would have been paying this time last week. 

Many current homeowners in South Florida who have “jumbo mortgages” are currently paying rates of 6.5% or greater and should seriously consider refinancing their mortgages.    Currently interest rates on the 5/1 Jumbo ARM stand at 6.125% and are expected to move lower.  30 year fixed rates for conforming loan amounts (under $417,000) are currently at 5.25% and moving lower.

The smart money is buying and/or refi-ing now!

This entry was posted on Wednesday, November 26th, 2008 at 5:41 pm and is filed under Home, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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