interest rates

Low Interest Rates = Great time to Buy

Interest rates remain low!   As of today - conforming loans (under $417k) remain at 4.375%.  FHA rates remain at 4.5%.  And jumbo rates for qualified buyers remain as low as 5.5% with equity and excellent credit.

I ran some numbers to see what kind of savings you would have with these low rates.  WOW - over the life of the loan you can save tens of thousands of dollars.  On a loan amount of $200,000 - the monthly mortgage payments on a 30 year fixed (does not include taxes, insurance) are:

Interest Rate		Monthly Payment		Monthly Savings compared to $998.57
4.375%		$998.57		not applicable
5.375%		$1,119.84		$121.27
6.375%		$1,247.75		$249.18

Aside from the monthly savings - an interest rate of 4.375% vs. 5.375% could save you $43,693.91 over the life of the loan.  And an interest rate of 4.375% vs. 6.375% could save you $89,700.94.  WOW.

interest rates

Interest Rates - 4.17.09

Interest rates today:

4.5% for an FHA Loan (up to $346,250 loan amounts in  Georgia)

4.375% for a 30 year fixed - conforming loan (loan is less than $417k)

5.5% for Jumbo loans (more than $417k) - excellent credit scores & buyer adding equity into the deal

These rates are according to Suntrust Mortgage and are good for aquisition loans as well as refinancing and as always there will be underwriting conditions that will need to be met - such as credit scores, income & debt amounts.   It is a great time to buy with these amazing rates and a great supply of inventory on the market.    

If you are interested in more information and details - contact me.