The rates have been taking a roller-coaster ride for the last 30 days. If you remember, in the beginning of September we wrote about the Government Seizing Fannie Mae and Freddie Mac and how this would probably lower the interest rates. It did! Back then they dropped to 5.625% for a 30-year-fixed loan.
In the last couple of weeks they shot back up to 6.5% for the same loan. Why? We think it has to do with the bank’s control of the money they received from the government and how strict they are being with qualifying new buyers. To be sure, you should consult with a financial advisor or lender to provide some insight.
Regardless, rates have magically dropped back down to 5.625% for the same loan. Check them out here. If you are thinking about buying, now would be a good time to consult with a lender and lock in these rates while they are low.
We have plenty of lenders and financial advisors that we highly recommend.