A recent report shows that interest rates for mortgages are affordably low. FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets on a daily basis to determine the most accurate rates available.

Conventional 30-year fixed mortgages are still available at 4.375% for well-qualified consumers. 15-year fixed mortgages remain available at 3.875%. Even 30-year fixed jumbo loans are available today at 5.375%.

FHA mortgage rates at a similar rate, with 30-year fixed FHA loans offered at a 4.375% rate. APR for FHA loans is higher, though, because of MI and other FHA fees. Still, because of its minimum down-payment of just 3.5%, FHA loans have been most popular among home-buyers.

Wells Fargo, which originates the greatest volume of new mortgages, recently advertised a 30-year fixed-rate of 4.75% with an APR of 4.939.

Thinking of buying or building a home? Even if the federal first time home buyer credit and the related credit for next-home seekers isn’t available, interest rates are low enough to make it worth your while.

Tags: Blaine mn homes, blaine mn new construction, legacy creek, mn builders, new homes

This entry was posted on Wednesday, June 16th, 2010 at 9:53 pm and is filed under Home Buying Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.