Zillow Reports 5% Mortgage Threshold Has Been Breached

Zillow Reports 5% Mortgage Threshold Has Been Breached

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Mortgage rates continue to drop, opening up a door of opportunity for savvy consumers. If you have excellent credit and a good job, you could qualify for a fixed rate thirty year home loan offered at a five percent interest rate.

Mortgage rates continue to drop, opening up a door of opportunity for savvy consumers. If you have excellent credit and a good job, you could qualify for a fixed rate thirty year home loan offered at a five percent interest rate.

Despite the economic uncertainty one fact remains: mortgage loans can be had for at near historic low rates. This is good news for home buyers or for people who want to refinance their current mortgages, provided that they have excellent credit and a good paying job in order to get approved.

Virginia Leads The Nation

The Zillow Mortgage Marketplace, a service of Zillow.com the real estate trends tracking site, says that the average rate for a thirty-year fixed rate mortgage (the most popular choice for consumers) is now down to 5.04%. Importantly, in several states, the five percent floor has been passed, with rates dropping to as low as 4.96% in Virginia.

The move downward follows a trend seen over the past several months. Indeed, the national average dropped from 5.09 to 5.04 just in the past week, showing that even lower rates may be ahead. While six percent is still considered to be an excellent rate for mortgages, when the market drops below 5% the psychological boost can be quite good.

15-Year, ARM Rates Drop Too

15-year fixed rates mortgages are now down to 4.48% while 5/1 ARM have dropped to 4.02%. ARM or adjustable rate mortgages have caused plenty of grief for consumers over the past few years as ultra low rate loans taken out in in 2001 and 2002 have since reset at a much higher rate. Those higher rates have contributed to mortgage delinquencies and a record number of home foreclosures, thus consumers considering an ARM today must take into consideration the possibility of much higher rates in the years to come.

Feel free to search our archives for mortgage tips and refinancing information, details which can help you save money.

Source: Zillow.com

Adv. – Despite rising interest rates, now is still a good time to refinance your home. If your current mortgage offers unfavorable terms, why not explore refinancing while rates remain below 6%? Visit PickMyMortgage.com or SayLending.com to find the best mortgage opportunities out there.

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Categories: Home Financing

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