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How Low Can You Go? Mortgage Interest Rates Drop Again

Authored By Our Guest Contributor: James Venney

In the past 24 hours mortgage interest rates have moved lower, again by another .5% and are now standing at all time historic lows.  Yesterday I wrote about getting “your ducks in a row” as economic indicators including treasury yields were foretelling of lower rates and it didn’t take long.  The action taken by the Fed to inject another $800 billion into the financial markets is having a dramatic effect on the mortgage backed securities market and as a result all mortgage interest rates have dropped to new lows.  If you are currently looking at homes for sale in any South Florida neighborhood you will be paying a significantly lower interest rate than you would have been paying this time last week. 

Many current homeowners in South Florida who have “jumbo mortgages” are currently paying rates of 6.5% or greater and should seriously consider refinancing their mortgages.    Currently interest rates on the 5/1 Jumbo ARM stand at 6.125% and are expected to move lower.  30 year fixed rates for conforming loan amounts (under $417,000) are currently at 5.25% and moving lower. 

The smart money is buying and/or refi-ing now!

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Authored By Our Guest Contributor: James Venney CMPS, CMA
Phone: (305) 960-2671
Email: james.r.venney@homesvclending.com
James Venney is a licensed mortgage broker and a State Certified Residential Appraiser. Currently, he is the top producing mortgage banker at Home Services Lending which is a joint venture with Warren Buffet’s Berkshire Hathaway and Wells Fargo Bank.

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