Steamboat Homes

The Federal Reserve has set out this past year to encourage lower mortgage rates. By buying back bonds backed by home loans, they have increased their program to $1.25 trillion. Along with help from Fanny Mae, Freddy Mac and Ginnie Mae, their purchases have helped lenders reduce mortgage rates to stay below 5% for the past 2 weeks. The government is attempting to encourage mortgage rates to lower, in effort to re-spur the housing market. These low rates make buying or re-financing your homes an attractive option. The AP reports that “By refinancing at current rates, borrowers could trim nearly $134 off their monthly mortgage payments on a $200,000, 30-year fixed-rate loan.” For rates as of 10/8 check below:

30 year Conforming Agency  4.625%  with  1 point
4.950%  with  no points

15 year Conforming Agency  4.250% with .5 point
4.375% with no points

5/1 ARM  3.750% 1 point
7/1 ARM  4.000% 1 point

First Time Homebuyer programs
FHA First Step 5.250% no points first year buydown to 4.250%
USDA/RD   5.250% 0 points
American Dream Morgage  5.250% no points

FHA/VA 30 year fixed.
4.875% with 1 point
5.250% with no points

JUMBO

30 year fixed at 5.375% up to $1,000,000
5.625% up to $2,000,000
5.750%  up to $3,000,000

3/1 Jumbo ARM rates start at 3.375%!!!!
5/1 Jumbo ARM rates start at 4.125%
7/1 Jumbo ARM rates start at 4.750%

Land LoansImproved lots up to 85% LTV
Unimproved lots up to 75% LTV
Residential use only.
4.750% 1 point 5.250% .5 points 30 year amortization with a 3 year balloon.

Related posts:

1. Jumbo Mortagage Rates Beginning to Drop
2. Sales in Routt County Continue to Move in Positive Direction
3. Intrawest completes restructuring of debt

This entry was posted on Friday, October 9th, 2009 at 12:28 pm and is filed under 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.