Many years ago, there was a movie called "Less than Zero." It starred Andrew McCarthy and Robert Downey, Jr. To be honest, I bring this up for no other reason except to put the title of this blog post in context. I'm not even sure that I saw this 1987 movie and if I did, it obviously did not make that much of an impression.
More importantly, and to the point:
Mortgage interest rates on 30 year loans
are
Less than Five!
In a rate sheet sent to me today by one of my favorite Bank of America loan officers, a conforming 30 year fixed rate loan has a rate of 4.875%. The 15 year fixed rate is at 4.25%. Conforming jumbo loans are at a rate of 4.75% with one point.
Folks, these are great rates! Let me say that again. These are great rates!
Historic. Epic, Phenomenal. Awesome.
Get a mortgage and buy a home!
I can refer you to some great mortgage lenders (and of course help you find your next home).
Oh, and please let me know what you thought about the movie "Less than Zero" if you've seen it. I've got room on my Netflix queue if it's good.
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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
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Hi Brian ~ I'm blown away by how great rates are. Boy will people miss them - and kick themselves - when they're gone.
Liz
Gee. Is < 5% good? Maybe I should wait?