Mortgage rates dropped lower this past week as a result of the uncertainty garnered by the debt ceiling conversations in Washington. The standard 30 year fixed rate product is down to 4.45%. A 15 year loan term on the same product is even lower, an astounding 3.52%. That makes this a fantastic time to buy real estate, when combined with the historically low prices. These days can’t last forever and in fact on October 1 the Fannie/Freddie loam limits are to be reduced. In an area like the Rivertowns, where, even accounting for 30% drop in prices oer the past few years, loan amounts are still high by comparison with the rest of the US, time may be of the essence to take advantage of the current situation. Read more at:
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