30-Year Fixed Loans Below 4.5%
Freddie Mac reports loan rates hit a new low. 15-year fixed rate loans are under 4%
Palm Coast, FL – August 6, 2010 – Freddie Mac reported that the interest rate on 30-year fixed loans hit a record low of 4.49 percent last week. The rate was 5.22 percent a year ago. Other numbers in the report are:
Mortgage Interest Rates
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5-year ARM 3.63 percent
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1-year ARM 3.55 percent
Reportedly, rates continue to drop. Next week’s report from Freddie Mac will likely report more record lows.
True, but….
I have a problem getting a fixed mortgage and even though I have good credit and enough income, I don’t qualify for refinancing to pay on what I owe on my HELOC (which I used to buy a rental property, etc.), because my house will not appraise (underwater) (Although the HELOC interest is only 2.75% p.a., and might stay there for another year or so, I don’t mind paying current fixed mortgage interest rate, at least I know it’s not going to get any higher. I have no mortgage on other properties but my primary home is the only one I need refinancing on. I’m paying interest only and has not defaulted on any payment, I also pay all my credit card bills in full when due,
I can pay another $1K on principal monthly but it will be a very long time to pay the principal off, in the meantime I get very nervous about the interest on it getting higher sometime, maybe not soon, but I still want to have peace of mind about it.
Can you give me any idea on where to go or what to do?
Thanks, Toby….
Local Realtor
The rates are so attractive…too bad the banks are making it overly difficult to obtain a loan…….files sit in under writing for weeks!