Mortgage Rates Are So Low!

Mortgage rates continue in the historic lows, with most fixed rate products in the 4% range and five year adjustable rates as low as 3.625%. It was stated in this week’s economic report that mortgage rates should remain below 5% in the near term. With low mortgage rates and the extended Federal tax credit for first time homebuyers and a new tax credit for repeat home buyers, this really is a the time to buy a home!

Currently as November 19, 2009 from LoanSouth Mortgage, a 30 Year Fixed Rate Mortgage (FRM) are 4.625% – 4.875% for a loan amount under $417,000. A 15 year fixed rate is 4.25%. A 5 year Adjustable Rate Mortgage (ARM) is 3.625%. A FHA loan  fixed for 30 years is 4.75% – 5% on loans under $346,250 and offers reduced mortgage insurance. These rates are based on a credit score of 720 or higher and a 10% downpayment. Refinances will have slightly higher rates.

Remember rates are subject to change. Some restrictions apply to different types of loans and the rates can vary depending on your credit score, your down payment, the amount of the loan and the type of home (single family, condo, etc) you buy. So consult with your real estate agent and / or loan officer for more information specifically to you and your loan. For more information on loans  from LoanSouth, visit LoanSouth Mortgage or call Keith Spain of LoanSouth at: 404-434-6185.