Mortgage Rates Suddenly Steady as She Goes?!?

After months of extreme volatility under a looming cloud of uncertainty (waxing poetic for a moment there), we have suddenly found ourselves comfortably settled around 5%.

Who woulda thunk it?!?

4.875% Rate / 5.026% APR

Loan amount: $417,000
Down payment/equity: 20%
Loan Program: 30 Year Fixed

Rates are as of 12/15/08 and subject to change.

BUT WHAT DOES IT ALL MEAN?!?!? If this is for you as it is for many, a burning question, let's consider the following:

~ Bonds have once again become a safe haven from the fluctuation of the equity markets;

~ Though 4.5% or even lower has been mentioned numerous times in the media, government representatives have also indicated that there was not a direct target rate that was the end-all-be-all. Maybe this is the bottom?

~ If you are buying or refinancing (or considering either), it's best to get the process well under way. Rates have been known to shoot up 1/2 percent or more in a matter of hours so keep your Loan Originator's phone number on speed-dial because you're definitely going to want to stay in close-contact.

Here's mine, by the way: 425.519.3281. Call anytime! -James Wirth