Interest Rates have dropped over a half of a percentage point in the past week and a half. A borrower can pay no points and get a 30 Year Fixed Rate Mortgage at 5.5%!!!!!!! The Treasury and Federal Reserve announced that they will buy hundreds of Billions of dollars in Fannie/Freddie Mortgage Bonds. This move increases the demand for Mortgage Bonds. Lenders then lower interest rates to produce more Mortgages to satisfy this increased demand. It’s an incredible time to get a low interest rate on a great priced home in our market. I would also be more than happy to do your refinance!
As of 12/5/2008 based on a 200k Primary Residence Purchase (or a no cash out refinance), 720+ Credit, Full Documented Income Verification, paying no discount points and no origination fee.
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