Realty Times Reports 30-Year Fixed
Mortgage Rates Still Available at 4.25%
Wells Fargo Banker Discusses Latest Rates with Kentwood Brokers
Realty Times, a real estate news and advice service, has reported that conventional 30-year fixed-rate mortgages are still available at 4.25 percent for well-qualified borrowers who pay a one point origination fee. The service also reported that 15-year financing is available 3.75 percent. These record lows should be a motivating force for prospective homebuyers who may be straddling the fence. It’s simply a great time to buy.
Daniel Dexter, a private mortgage banker with Wells Fargo Private Mortgage Banking, recently reviewed the bank’s latest rates for Kentwood Real Estate’s broker associates and managers.
On a conforming loan of $417,000 at 80 percent LTV, 740 Fico with a 60-day block, 30-year fixed rate mortgages are available at 4.375 percent with a one percent discount, or 4.625 percent with no points. Fifteen-year fixed rates were quoted at 3.75 percent at a one percent discount and 4.125 percent with no points.
On a non-conforming loan of $750,000 at 80 percent LTV, 740 Fico with a 60-day lock, 30-year fixed rates were at 5.375 percent with a one percent discount, and 5.625 percent with no points. Fifteen-year fixed rates are currently 5.125 percent with a one percent discount, and 5.375 percent with no points.
The Realty Times article stated that despite the lowest rates in more than 50 years, homebuying remains weak in most areas around the country. Mortgage-backed securities, which drive mortgage rates in the opposite direction, continue to perform well, driving mortgage rates down, according to Realty Times.