The Latest on Interest Rates

Today’s steady interest rates may not seem newsworthy, but since so many predicted that we were supposed to see rising interest rates at this point, the current steady interest rate is an interesting sign.

According to the Mortgage Bankers Association (MBA) the average rate on 30-year fixed-rate mortgages increased slightly from 5.04 percent to 5.08 percent in the week that ended April 23. The points (one percent of the loan amount) decreased from 0.98 to 0.92 on a loan with an 80 percent loan-to-value ratio. That drop amounts to a $60 savings per On a $100,000 of loan amount that can amount to a $60 monthly savings.

The average interest rate on 15-year fixed-rate mortgages increased from 4.34 percent to 4.38 percent with points down from 0.98 to 0.93.

Today’s rates are still very low when you compare them by historical standards. So far economists predictions of higher rates haven’t happened and this gives you another reason to make 2010 the year you purchase a Hoboken home.

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Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Explore posts in the same categories: Financing/ Interest Rates


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