Mortgage rates at record lows
August 20th, 2010 categories: Buyer Strategies, Mortgage & Finance
Chantilly, Centreville, and Northern Virginia area home buyers had a pretty good week as far as mortgage interest rates are concerned.
This past week saw another new low for conforming rates. We are talking some of the lowest levels in mortgage rate history.
From Freddie Mac data we are seeing the 30-year fixed rate averaging 4.42% nationally with points cost of 0.7 points. Each point is equal to 1% of the loan amount.
Keep in mind that mortgage rates and mortgage fees generally move in the opposite direction. So you have to determine how the loan is structured and what your personal needs are to make sure you get something that fits your financing needs. Obviously, that is where a high quality loan professional comes in. Make sure you are working with someone who will puts your needs first. You have lots of options and variations in making mortgage financing choices.
Bottom line: periods of difficulty are accompanied by opportunity. If a home buy or a refinancing is right for you, remember that you are literally in a period of the lowest mortgage rates in history.
By the way, if you are a home seller in the Northern Virginia area, and are wondering what homes in your neighborhood have actually sold for, take advantage of MARKET SNAPSHOT.
| Discussion: No Comments »
