Where Now?

Interest rates, that is. We all know they have recently been headed downward. Investor's Business Daily newspaper said late last week that Freddie Mac (the quasi Government agency) reported rates had dropped three weeks in a row and were less than anytime since late May of this year. Rates move from day to day and tend to follow the lead of ten year Treasury Notes. The nationwide average late last week for 30 year money was 5.04%. Today (Wednesday) they are down a little more in the Athens - Limestone County area. A local mortgage loan officer this morning quoted me 4.85% on 30 year FHA and conventional loans of more than $100,000. And, there is a lesson. When you ask for rate quotes you need to be specific about the type loan, the approximate amount, and for how long a period of time. If you want a 15 year loan you can expect the quote will be about a quarter point less. Then there are programs such as Rural Development loans which are going to be quoted a little higher than the FHA average. Happy shopping!