Today's Did You Know???

Did You Know? That never before have mortgage rates been this low. 30 year fixed mortgage rates are at 4.25% for well-qualified consumers paying a standard .07 to 1 point origination fee shows FreeRateUpdate.com research of wholesale lenders' rate sheets for brokers. 15 year fixed mortgage rates, also at a record low, are at 3.75%.

Did You Know? FHA mortagage rates today are nearly identical to those of conforming mortgages. Todady's FHA 30-yr fixed rate is also 4.25%. That being said, MI and other FHA fees make the closing costs higher on an FHA loan, even with the same note rate.



For example: A $25,000 30-year fixed rate mortgage at an interest rate of 4.25% has a monthly prinicpal and interest payment of $1,229.85 per month. That is less than my niece's rent in New Orleans for a one bedroom shotgun home!!!



Helpful Hint To Check Out: Wells Fargo is advertising a conventional 30 year fixed rate of 4.625% as of today with an APR of 4.812% (from the Wells Fargo Website)



That's it for today's Did You Know!



For more information visit Ed ferrara's article at : http://realtytimes.com/rtpages/20100630_rateupdate.htm