Mortgage rates are HOLDING STEADY! However, keep in mind that local lenders are telling us that the Feds will discontinue purchasing mortgage bonds after first quarter. This will make mortgage rates RISE!!! Rates haven't been this low since the 1940's. Higher rates will lower your purchasing power. If you are thinking about buying, now's the time!
We still have 3 more months to take advantage of the First Time Homebuyer Tax Credit. Be sure to visit http://www.federalhousingtaxcredit.com/ to learn more about the tax credits that may be available to you.
Lender rates provided by W.R. Starkey as of February 1, 2010:
Conforming Rates for Loan Amounts of $417,000 and Under: USDA - 5%, FHA - 5%, 15 Year Fixed - 4.375%, 30 Year Fixed - 4.875%
Non-Conforming Rates for Loan Amounts over $417,000: 5/1 Arm - 4.125%, 7/1 Arm - 4.625%, 10/1 Arm - 5.125%, 15 Year Fixed - 5%, 30 Year Fixed - 5.875%
As always, rates are subject to change without notice.
