Friday, November 28, 2008

Plummeting Interest Rates Set Off A Rush To Refinance

Immediately after the Federal Reserve announced that it would buy $600 billion of mortgage bonds, the mortgage rate dropped dramatically. Our phone has been ringing off the hook. If you had been waiting for rates to drop to refinance your high interest mortgage, the future is now!! For potential homebuyers, the house you wanted to purchase a few years ago but was too expensive, might be within your means with these new low rates and falling home prices.


Happy Thanksgiving!

Today’s Rates

Conforming Loan Jumbo Loan


30-Year Fixed: 5. 500% (5.694% apr) 6.500% (6.785 apr)*

15-Year Fixed: 5.375% (5.475% apr)

All Rates Quoted at 0 points!

 Save hundreds of dollars a month on your mortgage payment
 Build up equity more quickly with lower rates
 Take cash out of your home for debt consolidation, remodeling or college.



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• Jumbo loan from $417,000 up to $3,000,000. Super Jumbo loan (650K+ requires 25% down payment)
• Rates quoted as of November 28, 08 based on 20% down and credit score of 720, primary residence.

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