1% Drop in Mortgage Interest Rates

The Federal Reserves’ infusion of cash into the banks Monday has resulted in a significant drop of almost 1% in the interest rate on 30-year fixed rate loans.  As it stands today (count on it changing), interest rates on a loan of up to $417,700 are 5.375%.  This is the lowest they have been since 2005 and almost the lowest on record.  If you have a loan rate of 6% or greater, it makes sense to consider refinancing.  If you are in the process of getting a mortgage, I would highly suggest that you lock in your rate.  Both Coldwell Banker Mortgage and Wells Fargo Home Loans offer rate protection.  In the event the rates go down further, you are given another opportunity to lock in at a lower rate once before closing.

Phyllis Nelson with Coldwell Banker Mortgage:  973- 224-2454

Ed Lapore with Wells Fargo Home Loans:  732-500-6764

Mark Yecies with Suntrust Funding  LLC:  908-272-8330