Mortgage Interest Rates Update for 11/25/08

by Karen Goodman on November 25, 2008

by Kerby Claney
Vice President – Stifel Bank & Trust
314-317-6873
email

Interest rates just took a big drop this week. If you have been keeping an eye on the market considering a refinance if rates dropped, now is the time to lock in a low rate for a 30 year fixed loan.

The mortgage industry is not interested in doing ARM loans. They are keeping interest rates high to make these loans so unattractive that no one will do them. I’m able to offer lower rates on the 3 and 5 year ARM loans through in house Stifel portfolio loans. But, with 30 year fixed loan rates so much lower than ARMs, there is no reason to take on the higher risk that comes with ARM rates readjusting in the future.

Basically, everyone getting loans now are doing fixed rate or jumbo loans. Nothing else makes any sense.

The interest rate you receive will vary depending on a number of items including the down payment amount, credit scores and the length of time between rate lock-in and closing. To discuss fees and what your interest rate would be, feel free to email or call me to discuss your individual situation.

All rates are based on zero point loans.

If you are in St. Louis, I’m happy to meet you wherever it is most convenient for you to discuss your financing needs.

Want to lower your closing fees? I’ll attend your loan closing and save you the title company loan processing fee.

I also serve clients needing mortgages and refinancing throughout the United States. Give me a call and we can talk about which mortgage product would be best for your individual situation.

Not sure if you should refinance? I’m happy to offer a free no-obligation consultation to help you decide if it makes sense for you to refinance.

*** This information is not intended to extend consumer credit as defined Section 226.2 of Regulation Z. Interest rates, program terms and conditions are subject to change without notice.