People ask all the time how interest rates are doing, so I thought I’d give a brief update on them this week. Interest rates have been at all time lows in the past year, dipping as low as 3.875% on a 30-year fixed loan. Historically, jumbo loans (anything greater than $417,000) have higher interest rates than conventional loans, but rates for jumbos and conventionals have been fairly comparable recently. As the market has stabilized, it seems more and more lenders now have better Jumbo products and rates to offer. Interest rates started to rise slightly this year hovering around 4.5% for a while, but are back down, so we have been in the 4% range pretty consistently on conventional loans for the past year. Rates are always a little higher on a 30-year-fixed product than on an Adjustable Rate Mortgage (ARM), where rates have been as low as 3%! Now is the time to take advantage of these low interest rates!
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