I don’t normally quote mortgage rates because it takes a lot of disclosure to do so and there are so many people out there that are quoting rates that they won’t deliver, but with the recent drop in the bond market, I am going to make an exception today. Today’s 30 year fixed rate for a conventional loan is at 4.500%/4.730% APR.

Now, for the fine print, the rate above assumes the following: Owner occupied conventional loan with a $250,000 purchase price (non manufactured home, non rural acreage, single family home) with 20% down. Loan amount is $200,000 Credit score of 740 or higher. 25 day lock period. Credit score, loan size, down payment, and purpose of loan will affect APR. This is not a guarantee of rate availability for a specific property and can change without notice. My lending is restricted to Oregon, Washington and California.

The Federal Reserve is still buying mortgage backed securities and that is helping the bond market. The recovery is going much slower than expected and that is helping the bond market. Now is probably the best of all worlds with rates down and housing prices down and sellers willing to negotiate, but for who knows how long? Add to that the First Time Home Buyer Tax Credit and the “Move-up” Homebuyer Tax Credit and we have an unbelievable time to buy.

If you would like more information about what you can qualify for and actually be comfortable paying on a mortgage, give me a call today, 541-342-7576/541-221-3455 cell or e-mail me. I am here to help you and to answer your questions.