Mortgage Rates Have Dropped

Posted by Joe Manausa on Tuesday, January 15th, 2008 at 12:49pm.

Mortgage rates are at a two-year low. This creates opportunity for homeowners with two exciting choices.
 
Mortgage rates are at a two-year low. This creates opportunity for homeowners with two exciting choices. If you are comfortable with your current mortgage payment, come in and see how much home you can now buy (since it is a great buyers' market). You might be surprised in the value you can acquire.If you would like to see your payments drop, you should look into refinancing your home while rates are low. You might be able to save hundreds of dollars a year (or more), according to Freddie Mac’s January 10, 2008 Primary Mortgage Market Survey:The average principal and interest payment on a $250,000 loan has dropped by $131.83 per month since August 3, 2007.1 And, there’s more good news:
  • The 30-year fixed rate mortgage averaged 5.87% with 0.4 points2
  • The 15-year fixed rate mortgage averaged 5.43% with 0.5 points2
  • The 5/1 ARM averaged 5.63% with 0.5 points2
  • The 1-year ARM averaged 5.37% with 0.6 points2

Go with a lender you can trust. Over the years, Joe Manausa Real Estate Mortgage has helped quite a few of our customers. Call or visit Joe Kupiszewski at (850) 322-1525.

 
 
 
1. Calculations based on the Freddie Mac average 30-year fixed rate mortgage on August 2, 2007 (6.68% with 0.3 points) versus the Freddie Mac average 30-year fixed mortgage on January 10, 2008 (5.87% with 0.4 points).2. “January 10, 2008 Primary Mortgage Market Survey (PMMS),” Freddie Mac, McLean, Virginia


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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.


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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

2 Responses to "Mortgage Rates Have Dropped"

Dave wrote: Joe,

Can you get these rates with 100% financing?

thanks

Posted on Tuesday, January 15th, 2008 at 1:43pm.

Joe Manausa wrote: Dave, the short answer is yes. You need to know how to structure your purchase agreement to take advantage of these rates with 100% financing.

Posted on Friday, January 18th, 2008 at 11:54am.

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