by  Tim McLaughlin

A 30 year Fixed Rate mortgage with a start rate in year
one of 2.875% – unheard of, right? Wrong! This is exactly
what we are offering to borrowers looking for the deal of a
lifetime this weekend. You can get a conventional 30 year
Fixed Rate mortgage with the following terms:
Year 1: 2.875% interest rate
Year 2: 3.875% interest rate
Years 3 thru 30: 4.875% interest rate
So a 2.875% interest rate year one, and a life of loan
maximum interest rate of 4.875%. Virtually unheard of until
now!
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Also available: a 15 year Fixed Rate mortgage at 3.99%,
life of loan. Ask us how to capitalize on these fantastic deals.
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Mortgage backed security prices continue to remain
historically low, in conjunction with Treasury prices (the 10
year hit 2.89% on Thursday – the lowest since April 2009).
Bonds rallied after Federal Reserve Chairman Ben
Bernanke’s “uncertain” economic outlook supported the
notion of low inflation and low interest rates for a long period
of time. The U.S. economy faces “unusually uncertain”
prospects, he stated, and, based on that, the central bank
was ready to take further steps to bolster growth if needed.
Bernanke said policymakers believe the U.S. economy is still
on a path to recovery, but for now, he said the Fed expects
economic conditions will warrant an exceptionally low
benchmark federal funds rate for an “extended period”.
Bernanke indicated inflation is not a concern. All this is good
news for mortgage interest rates.
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For any Realtor or prospective buyer looking for statistical
information about an area, they may want to start with the
FDIC’s recently released stats:

http://www2.fdic.gov/recon/index.asp.

It is a compilation of key economic data in graphic format for
the United States as a whole and for each state, county and
certain metropolitan statistical areas.

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