Latest Fed News
Filed Under Current Event · Tagged: Linda Heinrichs, mortgage rates, portland homes, Real Estate
What does the latest Fed news mean to you? Well, if you are thinking of buying a house it means that interest rates will continue in their historical low for a while. But don’t sit back and think it will last forever. Prices are lower then ever, rates are awesome and there is that $8000 credit that we keep talking about. Think about it a $250,000 house at a 4.875% rate is close to a $1300 a month payment. The same house at 5.875% goes to $1427 and a return to rates closer to 7% is a whopping $1600 a month.
The market will change for sure, but folks always need a place to live. Take advantage of the Buyers Market and engage a professional Accredited Buyers Representative to help you make lemonade out of lemons.
Here is what the latest rates look like via the mortgage professor www.mtgprofessor.com
| Program | Most Recent
(3/18/2009)
|
Previous Day
(3/17/2009)
|
Week Ago
(3/11/2009)
|
|---|---|---|---|
| 30 Year | 4.811% | 4.847% | 4.886% |
| 15 Year | 4.481 | 4.492 | 4.509 |
| 7/1 ARM | 5.245 | 5.185 | 5.262 |
| 5/1 ARM | 4.180 | 4.178 | 4.184 |
| 3/1 ARM | 4.787 | 3.725 | 5.549 |
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