Another opportunity? Rates Decline again

 This past week, interest rates declined dramatically to their lowest level since December 2010 as fears that the European debt crisis could get worse with the increased threat of default by Greece and Spain. Investors fled to safety and purchased US Treasury bonds which drove yields lower that ultimately caused mortgage rates to drop.

For those of you who may have missed the opportunity to refinance and/or purchase a home last year, this is a good a time get your paperwork in order and lock in the rates.

To put this in perspective, every .25% drop in rate (Ex: 5% to 4.75% on a $250,000 mortgage) will reduce your payment by $38 per month or $456 annually. Reducing your current rate by 1% point (Ex: 5.75% to 4.75%) will reduce your payment by $154 per month or $1848 annually. Interest savings over the life of the loan is close to $55,000.

 Need assistance?

Few months back I mentioned three great programs specifically designed for those who don’t have 20% down for purchasing a house, currently own a house or investment property that you want to refinance but don’t have enough equity, or the house is considered “underwater”(When you owe more than the house is worth). Please click on the link to my email on my blog https://trulending.wordpress.com/2011/01/10/three-new-programs-you-should-consider/

Current Conforming Rates–Primary residences only (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog
Loan Program	Monthly Pmyt	Rate	APR	Points
30YF	$1248	4.375%	4.54%	0
20YF	$1548	4.25%	4.37%	0
15YF	$1818	3.75%	3.92%	0
5/1 ARM	$1054	3.00%	3.25%	0
7/1 ARM	$1088	3.25%	3.37%	0
10/1 ARM	$1175	3.875%	4.12%	0
FHA-30YF	$1229	4.25%	4.37%	0
FHA-15YF	$1833	3.875%	3.98%	0

Current High Balance Rates – (Pmyts based on a average loan amount of $550,000)
30YF	$2786	4.50%	4.62%	0
15YF	$3999	3.75%	3.87%	0
5/1 ARM	$2356	3.125%	3.25%	0
7/1 ARM	$2469	3.50%	3.62%	0
FHA-30YF	$2705	4.25%	4.37%	0

 
Please visit my blog @ https://trulending.wordpress.com for more articles and information on other programs designed to help you refinance or purchase a home.

We appreciate the opportunity to work with you on your next refinance or home purchase transaction.  Please pass this along if you think we can help any of your close friends or family.

Sincerely,