Courtesy of our friends at Weichert Financial, here are some interest rate updates as of July 3, 2010:
Fannie Mae 30 Year Conforming Fixed Rate
4.375% with 1 point – 60 day lock
Fannie Mae 15 Year Conforming Fixed Rate
3.990% with 1 point – 60 day lock
Historic Lows! Take advantage if you can.
On a side note: If you are eligable…VA Loans (not shown above) are very advantages now…in additon to being able to put down as low as 0%, if you put down as little as 10%, your funding fee decreases exponentially…this is a huge savings over paying PMI with a conventional or FHA loan and although the previous reputation of this type of loan is that it is “difficult”, it is now a fantastic option for veterans and is a very strong loan program when compared to a conventional loan putting down less than 20%. It is much easier to obtain now and does not take as long to get approved as was once the case. If you have any questions, feel free to reach out and I can set you up with a loan officer to discuss your options.