Mortgage Rates Below 5%

[fisherdog19]

For those of you in ARM's, or even a higher fixed rate, it may be a great time to refinance into a fixed rate mortgage. Current rates are 5.375% for a 30 year and 4.875% for a 15 year fixed rate mortgage. Right now we're running a .5% origination fee special, and as always, if you are a FishingMN member I will pay for your appraisal on any closed loan over $125,000. Call or email me for a free quote or Good Faith Estimate, no strings attached.

[fisherdog19]

I've gotten them closed as quickly as 9 business days, but the average would be about 18. It really depends on how quickly the appraisal and title work gets done, but once it's into Underwriting it's about 3-4 days until close. Our bank has a 48 hour Underwriting turn time with a 24 hour closing document turn time. Having our own Underwriters and closing department really speeds things up as many brokers are waiting up to 5 business days for Underwriting decisions when sending to wholesale lenders. Any other questions, just give me a call.

[fisherdog19]

Current Rates as of 2/14/08 at 4pm:

30 Year Fixed 6.000%

15 Year Fixed 5.500%

VA 30 Year Fixed 5.625%

FHA 30 Year Fixed 5.625%

As the economy stabilizes and the 10 year bond begins to gain ground, the rates will continue to climb. I don't forsee a large increase, but the 5% range may be history soon.