Interest rates are still at an all time low. This is really good for the sluggish real estate market. It still makes it a wonderful opportunity to purchase a home!
For the past few weeks, rates have been hovering in the 4% range or lower depending on the mortgage product. For example, today’s (October 25, 2010) rates for Wells Fargo Home Mortgage are 4.25% for 30-year fixed FHA and Conventional loans. The 15-year fixed rate is 3.625%. The 5-year ARM …yes, they are still alive… is 2.875% and the 5-year FHA ARM is 2.75%. Visit https://www.wellsfargo.com/mortgage/rates/ for more information on their rates and mortgage products.
This is fantastic! And when you combine that with affordable real estate prices, it makes a marriage for a fabulous deal!! Tell me what’s been your experience with the rates. Thank you for taking the time to respond.