Record Low for Interest Rates!
Now is a great time to check in with your mortgage broker or banker and find out the current interest rates as it applies to you and your finances. Yesterday, my representative from Bank of America was offering 4.875% for a 30 year fixed with 1 point for a conforming loan (up to $417,000). Even Jumbo loans were being offered decent rates (6% for a 30 year fixed with 1 point).
Sue McAllister from the Mercury News wrote today that 'The Federal Reserve entered a new era Tuesday, lowering its benchmark interest rate virtually to zero - for the first time in its 95-year history - and declaring that it will now fight the recession by pumping out vast amounts of money to businesses and consumers through an expanding array of new programs.' Sue McAllister is the real estate writer for the Mercury and was the author of a great real estate blog that was recently discontinued (sad news for us).
Could this actually be good news (haven't had any in so long it's hard to tell). Keep watching the rates and I'll keep you posted on any changes as well.