Interest rates plunge to all time lows!!
If you haven't heard, there has been a lot of turmoil in the volatile US economy and stock market this week. Although not a welcome sight overall, it has caused a steep drop in mortgage interest rates this week. As you will see below, rates have fallen a full 1/4% or more on most mortgages. FHA rates have fallen to the lowest they have ever been, EVER!! Here are the latest rates I have for the most commonly used mortgages:
FHA - 4.0%
USDA Rural Development - 4.125%
VA - 4.125%
15 year Conv. - 3.375%
30 year Conv. - 4.250%
These low rates will save you hundreds of dollars each year if not more. A half percentage point on an FHA loan will save you $1000/year in interest, which is $85/month.
Also, USDA loans currently don't require anything down and there is no mortgage insurance. Starting October 1st, USDA loans will begin charging mortgage insurance of .3% monthly. This is still a much better loan than FHA but the USDA loan is better now. To get the currently better USDA loan, you must lock your rate before Oct. 1.
Home prices are low, inventory is high and getting higher, there are multiple great loan programs available AND INTEREST RATES ARE AT HISTORIC LOWS!! This is very likely the best time to buy a first home, upgrade to a more expensive home or purchase an investment property that we will see in decades. Don't let this opportunity pass you by.
To explore your loan options and to get pre-approved for a mortgage, call Mike Christensen with Lexington Mortgage at (801) 362-4394.
For any of your real estate needs, don't hesitate to contact me.
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