Low Interest Rates Mean Great Mortgages
Timing is a critical element in the success of so many things in life. This is certainly the case in real estate. Looking at key variables over time, it appears that this window of time is optimal to purchase a new home, investment property or land. Mortgage interest rates are so low now that we find it hard to believe. A recent survey shows 30 year mortgages with no points in the 4.25% APR range and 15 year mortgages with no points only in the 3.5% APR range.
Prices are competitive and many sellers that we talk with are motivated and ready to sell. As Labor Day Weekend approaches marking the ceremonious end of summer, this is a great time to invest in real estate. For your reference, below you will see a couple of examples of current rates:
People's United Bank as of 9/2/2011
| Rate Plan | Interest Rate | APR |
| 30 Year Fixed Rate | 4.250% | 4.402% |
| 15 Year Fixed Rate | 3.375% | 3.632% |
| 5/1 ARM | 3.000% | 3.029% |
Kittredge Mortgage Corporation as of 9/2/2011
| Rate Plan | Interest Rate | APR |
| 30 Year Fixed Rate | 4.25% | 4.35% |
| 15 Year Fixed Rate | 3.375% | 3.55% |
| 5/1 ARM | 2.75% | 2.25% |
New England Federal Credit Union as of 9/2/2011
| Rate Plan | Interest Rate | APR |
| 30 Year Fixed Rate | 4.250% | 4.270% |
| 15 Year Fixed Rate | 3.500% | 3.535% |
| 5/1 ARM | 3.375% | 3.134% |