interest rates

Guest Blog: Mortgage Rates Hit Rock Bottom for Home Buyers and Refi’s

July 30th, 2010

By Debbie Gleason, Manstreet Mortgage

Mortgage interest rates are the lowest we’ve seen in our lifetime! Combined with the lowest home prices in years, ownership is more affordable than ever. This is great news for both homebuyers and homowners who are in a postiion to refinance.

There are several great loan products available, and while qualifying is definitely requiring a lot of time and paperwork, for most people it is definitely worth it. I am locking 30 year fixed conforming loans (max $417,000) at 4.5-4.75% [apr 4.5-4.75%] with NO CLOSING COSTS………NONE; conforming jumbo loans (max $729,750) at 4.75-5% [apr 4.75-5%].

AND a few lenders are offering piggyback equity lines and fixed rate seconds again.

Many who think they cannot qualify, or do not have equity, are eligible for Fannie Mae and Freddie Mac refinance programs that allow as high as 125% loan to value. Those with FHA loans can get a streamline refinance which, in most cases, requires NO appraisal, income documentation, or asset documentation.

This is truly a great opportunity for homebuyers and home owners.

For more information, contact Debbie Gleason, DebbieG@MainstreetLoans.com (818.874.9900).