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. Sales in Routt County Continue to Move in Positive Direction

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.