Archives

Phoenix, AZ - December 23, 2009 - (RealEstateRama) -- Long-term mortgage rates fell to a new low in December, according to the Phoenix Business Journal, with a 30-year fixed-rate mortgage averaging 4.71 percent, the lowest rate since at least 1971, when Freddie Mac started keeping track. While this is excellent news, it is important for investors to remember that much like credit cards, an interest rate is heavily dependent on the borrower's credit history. According to Ron Kuhn, Senior Mortgage Planner at AmeriFirst Financial, investors often mistakenly believe that all interest rates are equal from borrower to borrower; however, it is much more involved that just a current rate quote. Most are locking in rates that fall between 4.875% and 5.125% due to factors such as loan size, property type, Loan to Value (LTV) and credit scores