Get out and buy some homes! The Rates are Excellent STILL!


Mortgage rates rose slightly this week as investors await the announcement of a new Treasury plan Monday. Freddie Mac reported that the average rate on 30-year loans was 5.25%, up from 5.10% last week and the highest since 5.47% the week of Dec. 7. The fact that rates have trended upward despite government efforts to push them down is a reminder that although the Fed directly controls short-term interest rates, its power over long-term rates has always been, and still is, limited.

In other news, Congress continues to hash out the details of the economic stimulus package – including a potential $15,000 true tax credit for homebuyers (see details on the proposal from U.S. News and World Report at: http://www.usnews.com/blogs/the-home-front/2009/02/06/the-15000-home-buying-tax-credit-6-things-to-know.html) 

Here are our weekend rates for purchases: 

Conf 30 year fixed to 5.0%

Conf 30 year fixed ($417,000-$535,900): 5.25%

FHA 30 year fixed: 5.0%

Jumbo 5/1 ARM ($528,750+) with Wachovia checking account: 5.625%

 All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, and loan to value.

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One Response

  1. Yea our market in Boise took a bit hit, but with the good rates and lower prices, it seems like it is picking up a bit.

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