4.625% on 30yr Conventional
5.000% on FHA 30yr fixed
Posted above are rates for the day of January 28th 2009. Wow, did you ever think rates would be in the 4% range? I often tell my clients that anything below 5% is free money to borrow. It just can't get any lower, truly! We thought the 5-6% was fantastic but with 4%+ range showing it's face every week it truly is an amazing time to buy. As a buyer there is no risk...a glut of inventory to choose from, rates are at a 40 year all time low, and housing prices are down..where is the risk? Wonder why all the buyers seem to have so much fear?
If your a buyer you should be shouting from the roof tops on how exciting it is to be in this market. I have seen more deals then ever out here. A few years from now when the dust settles; those who bought in this climate will be thanking their lucky stars they did. Even amongst the glum housing and economic conditions we are facing we will make many homeowners wealthy again down the road.
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