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Dysfunctional Congress leads to even Lower Interest Rates

posted by Stephen Katz @ 4:56 PM
Tuesday, August 2, 2011

Current low mortgage rates have fallen again as the U.S. continues to shows signs of a sluggish economy with a drop in consumer spending.

Dropping by .125%, today’s 30 year fixed mortgage interest rates are at 4.125%. 15 year fixed mortgage interest rates are at 3.500% and 5/1 ARM loan rates are at 2.750%, both remaining the same. Conforming 30 year fixed mortgage loans are the most desired long term mortgage product amongst borrowers because they offer the security of a monthly mortgage payment that remains the same for the entire length of the loan. With 0.7 to 1% origination fee, these are the lowest mortgage rates available to borrowers who have good credit and can also produce documentation to receive lender approval.

FHA 30 year fixed mortgage rates dropped sharply as well and is currently at 4.000%. Remaining the same, FHA 15 year fixed mortgage rates are at 3.500% and FHA 5/1 ARM loan rates are at 3.250%. While FHA low down payment requirements, as low as 3.5%, make home ownership more attainable, these low FHA mortgage rates are keeping the long term monthly mortgage payments low and affordable. FHA mortgage rates are not affected by personal credit scores which does happen with other types of mortgages. FHA offers numerous benefits that overshadow the higher FHA closing costs (APR) which is due to the upfront mortgage insurance premium and other FHA fees.

Again, today’s jumbo 30 year fixed mortgage rates dropped by .125% and are are 4.750%. Jumbo 15 year fixed mortgage interest rates are at 4.375% and jumbo 5/1 ARM loan rates are at 3.250%. Jumbo mortgage loans are used by high end borrowers who require financing above the conforming loan limit, which is $417,000 to $729,750 depending on location. Borrowers must have excellent credit to receive these lowest jumbo mortgage rates with 0.7 to 1% origination fee.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 —

For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs.
Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions.

Consistently a top producer, Stephen is a Mortgage Bankers Association “Diamond” Award winner, a Georgia Mortgage “Top Gun” and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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