If you questions about a mortgage and rates Josh is one of the most educated and well respected originators in the business. Please direct all those questions directly to him, I have listed his contact information below his blog.
There has been a lot of consternation about the recent mortgage rate increase. When in actuality mortgage rates are still at historic lows. While it is true that as recently as 6 months ago a 30 year FIXED rate was in the low to mid 4's, we are now seeing rates in the low 5's. This slight increase relates to in most cases a very nominal increase in monthly payment. A lot of ARMS are going to market and the 30 year mortgage is still a very desirable option to most homeowners. Aside from the option of refinance, the market is still very supportive for Investment opportunities and new home purchases. Lets look at rates over the past 10 years:
02/2001 - 7.30% 30 yr fixed national avg *source Freddie Mac*
02/2002 - 7.01%
02/2003 - 5.98%
02/2004 - 5.76%
02/2005 - 5.72%
02/2006 - 6.40%
02/2007 - 6.37%
02/2008 - 5.87%
02/2009 - 5.13%
02/2010 - 5.01%
02/2011 - 4.93%
After seeing the rates over the last 10 years, I think rates are close to the best they have been in 10 years! And, with home prices being at the lowest they have been in 10+ years, now is the time to buy!
Josh Lund
Senior Partner - Regional Managing Director
American Mortgage & Equity Co
952.884.5442 office
952.884.5439 fax
612.802.3265 cell
6801 Washington Ave S. Suite 203. Edina. MN. 55439
NMLS #387408
Credit questions can be sent to john@redphoenixco.com
Thanks Josh for the great information. It's always important to know how your credit is well before purchasing a home. Work with John to increase your credit score as high as possible as that can inturn get you the best possible rate available at any given time. John can improve your credit, Josh can help you with mortgage financing, and ACE Realty Corp can help you find the right home! Great information.
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