Weekend Rates – WOW still a Great time to Buy


Rates improved slightly this week as the financial markets waited on a potential bailout of the auto industry and next week’s Fed Meeting. The Fed is widely expected to announce another rate cut as the economy continues to struggle.

Keep in mind that a Fed rate cut does not automatically mean mortgage interest rates will improve. The Federal Reserve has direct control over the level of short-term interest rates. The Fed’s influence over longer-term interest rates with rate cuts is less certain. Remember, rates are historically favorable. While there is a strong possibility rates could improve, there are no guarantees in these uncertain times. As a reminder, just a few months ago analysts overwhelmingly predicted gas prices would continue to rise. Conditions can change quickly.

Freddie Mac reported the average 30-year fixed rate fell to 5.47% from 5.53% this week, down from 6.11% a year ago.

Here are the weekend rates:

Conf 30 year fixed to $417,000: 5.0%

Conf 30 year fixed ($417,000-$535,900): 5.5%

FHA 30 year fixed: 5.5%

Jumbo 30 year fixed ($528,750+) with Wells Fargo Banking Relationship: 6.5%
All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, and loan to value. (Prosperity Mortgage)

Thanks,

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