Mortgage Rates at Two Year Lows
Here's a quick good news alert for everyone. What? Good news related to mortgages?
Oh yes, Monday of this week conforming, fixed mortgage rates hit the lowest levels they have been in two years! This move pushed the 30 year fixed rate program down to 5.875% with no origination and no discount fees.
As many people have ARM programs adjusting from wickedly low rates back in 2002 and 2003 this is a great time to capture the lowest fixed rates we have seen in quite some time.
There is a lot of uncertainty in the real estate market as we look ahead for the next few years. The prudent call is to be risk-averse and restructure your financing into long-term fixed rates if you have not already done so.
While hybrid ARM programs, like the 3 year and 5 year, worked great from 1999 through 2005 we face a completely different market reality and risks just over the horizon.
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