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Two hit records from the mortgage market…

Ho, Ho, Ho, Rates are LOW LOW LOW!

Maybe you didn’t notice but mortgage rates have slowly dropped to record lows.  According to a survey by mortgage giant Freddie Mac, mortgage rates nationwide continued to drop last week to an average 4.78% with just under 3/4 point for a 30 year fixed, down more than 1% from last year this time matching an all time low.

The 15 year fixed set an all time low in survey history averaging 4.29% last week with just over 1/2 point for a 15 year fixed rate mortgage.  A drop of nearly 1 1/2% since this time last year. 

Yes, there may be a few more hoops to jump through than you may have had to deal with last time around (full income and asset documentation will be required) and as the quick talking ad man says “your rates may vary” depending on your credit score, Loan to Value and a few other factors but for those that still qualify, this is clearly a great time to buy or refinance. 

Feel free to call or email me with specific qualification questions.  Our secure online application is available here.

Other Articles of Interest:

New Push on Mortgage Relief:  WSJ says Obama looks to help more borrowers with modifications. http://online.wsj.com/article/SB125952206832568569.html

More information about modifications can be found on the government’s official web site www.makinghomeaffordable.gov

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