: Mortgage rates hit a record low 3.75% on a 30 year fixed! What is happening?

Mortgage rates hit a record low 3.75% on a 30 year fixed! What is happening?

Who would say that despite the Dow closing above 11,000 for first time since May 2010 and after a decline in jobs that both would allow the release of the Mortage Backed Securitie to issue aggressive rates that allow escape from it's threshold of pain..  

I work at a National mortgage company, Academy Mortgage, and after congregating and talking around the water cooler in the office, it was made obvious that none of us Loan Originators noticed the mortgage/ home loan rates being so drastically low.  Who knows maybe since it is a long weekend we just all weren't thinking or worried based on our knowledge of the market (It's slow around a holiday weekend. Rates stay unchanged for the most part).. 

However, the rates are currently

  • Conventional rates are at 3.875%
  • FHA rates are at 4.00% 

Of course there are some downpayment and/or credit requirements that have to be met and reviews.  Let me know if you have questions or like to discuss the madness.

Ted Canto

Mortgage Consultant

Academy Mortgage

Direct: 480.650.8602     

Office: 480.344.3671  
Fax:  480.374.6958 

Email: ted@tedcanto.com

NMLS #: 228393

 

Comment balloon 3 commentsTed Canto • October 08 2010 05:12PM

Comments

I never thought I'd see the day below 4%.  That's just crazy. 

Posted by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage) about 7 years ago

Tim - we all were running back to our offices to get on the phone.. No one had any idea.. 

Posted by Ted Canto, Arizonan #1 Mortgage Lender (Amerifirst Financial, Inc) about 7 years ago

Now to find the buyers to take advantage of these great rates. Good luck.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) about 7 years ago

This blog does not allow anonymous comments