Real Estate Information Archive

Lowest mortgage rates in fifty years 

Mortgage interest rates reached their lowest level in fifty years – down to 4.69 percent last week for thirty-year fixed rate mortgages. 

Time to refinance, if you haven’t recently done so!  If you need the name of a good lender, please let us know....

Mortgage Interest Rates Continue to Drop 

Rates on 30-year mortgages averaged 4.84% last week, according to the analysts at Freddie Mac.  This is the lowest level this year, and near the lowest rates since the 1960’s. 

This has come as a surprise to many observers, who had expected rates to begin rising with the end of the Federal Reserve’s mortgage-securities purchase program.  The expectation was that rates would rise, once the Fed stopped bailing out the market. 

But… the tumultuous financial situation in Europe has provided unanticipated relief for American homebuyers.   The reason:  international investors are pulling money out of Europe and sending it to what they see as the relative safety of the U.S. bond market.  This, in turn, is driving down mortgage yields.

There’s a really great mortgage program specifically designed for physicians who are buying a home.

You may have heard of it, but we wanted to share a few details. 

MD’s who have completed their residency within the previous 10 years can get up to 100% financing for loans up to $650,000. 

Medical residents, interns, and fellows can get up to 100% financing for loans up to $417,000. 

…And there’s no PMI. 

So, if you happen to know of any doctors who want to purchase or refinance a home, you may want to check out this program. 

You can email our friend, Greg Awbrey at SunTrust for details: greg.awbrey@suntrust.com