Thursday, December 18, 2008

Mortgage Rates in the 4's

From The Mortgage Porter,

"Based on the "true conforming" loan limit of $417,000 with 740+ credit scores and 80% loan to value for purchase or rate/term refinance - owner occupied....drum roll please....

4.375% priced with 1 point (apr 4.605)

4.625% priced with 0 points (apr 4.705)

For credit scores of 720-739

4.500% priced with 1 point (apr 4.731)

4.650% priced with 0 points (apr 4.831)"

If you've been thinking about buying real estate in the metro Phoenix region, I think this is the beginning of The Time.

Prices are down steeply in many metro regions over the past 18 to 24 months. Especially in outlying areas like Surprise, Avondale and Queen Creek, prices are downright silly affordable. Try a 3 bed, 2 bath, 1100 square foot starter home at Waddell & Reems for $85,000. Or how about a studio sized vacation condo in a downtown hi-rise with a 180 degree view from the 7th floor.... for $38,000? $38,000!

Search for your next investment or your first home on my Search the MLS page.