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Long Term Rates Report:  Long-term Rates Drop Again!

If you’re in the market to purchase a home, you’ve probably had your eye on the cost of money lately. Freddie Mac is reporting that long term rates, such as those used attached to 15-30 home mortgages are have again fallen, Great news for those purchasing or refinancing a primary residence:

Long-term mortgage interest fell for the second straight week as the 30-year fixed rate settled at an average of 5.06 percent compared to 5.09 percent a week ago, according to Freddie Mac. Also falling were rates for 15-year fixed loans, which dipped from 4.50 to 4.45 percent; and for five-year, adjustable-rate mortgages, which sank from 4.44 percent to 4.32 percent. However, rates for one-year ARMs rose to 4.39 percent from 4.31 percent.  [SOURCES: Freddie Mac; Information, Inc.]
Need that name of a good lender?

Nashville Real Estate Search and home@nashville.com can provide you the names of several top-notch lender representatives. The lowest rate is not always the best choice. Imagine how much more you’ll spend if the lender you choose doesn’t deliver an appraisal on time,  or if a loan package does not arrive in time for the transaction to take place. These days, it’s important to work with a lender that can and will take the time to explain each step of the loan, as well as the transaction process. So many Realtors will gladly retell horror stories of lender and lender representative, that did only half of their job…obtaining the loan, only to let the Buyer down at the closing table. Agents will site huge loan fees, changes in rates, loan documents having incorrect information, and a long laundry list of problems that either delayed the transaction, or prevented the sale. Make sure that your Realtor and your lender on the same page at every step from, contract to close. Often your Realtor can give you a first hand recommendation stemming from a transaction that was done by the book, from start to finish.