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Home Mortgage Interest Rates Drop... Again !

There's some great news out today.  The latest issue of Realtor Magazine gives us something to celebrate.

With all the negative news going around these days... it sure is nice to be able to read about good news.

It's all about interest rates.  The first thing, of course, that most folks want to know when the rates come out are... did they go up or down ?   And... what IS the current interest rate for a thirty year fixed mortgage loan ?

Well... the 30 year mortgage rate went up just a skootch.  That's not much.  It went from 4.72 percent up to 4.75 percent.  But... four and three quarters is a wonderful rate.

But... now comes the really good news.  The national averages, which I am sure are equally true here in the Cleveland/Mentor Ohio area... tell us that most folks when they purchase their first home... usually stay in it for from three to five years.

In all my years of experience... I have found that to be true, as well.  Some folks even move into their second, and more permanent home even sooner than three to five years.

And... here is that "good news."  There is a type of loan out there in "mortgage land" that gives a fixed rate for FIVE years.  For the first five years of the loan... it works just the same way as as a thirty-year fixed rate mortgage.  BUT... that interest rate DROPPED from 3.91 percent to 3.82 percent.

If you asked anyone... from back in the 1980's and 1990's... if they thought they would ever have an interest rate of 3.82 %... they would have thought you had just escaped from the looney bin.

Wow... what a great interest rate.  There's such a great selection of homes on the market right now in Lake County... and to have the five-year fixed rate drop to 3.82 %... is just amazing.

If you are currently renting, or maybe even have a home that you have found is too small or too big for you... this is a really great time to make a move.

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Please give me a call... Carolyn Kolba.  I have seen some really nice homes up for sale recently, and I'd love to show them to you.  I can best be reached at 440-567-7211.  Let's see what we can do to start Making your New Home Dreams Come True.

Comment balloon 19 commentsCarolyn Kolba • June 18 2010 04:29PM

Comments

Carolyn,

These interest rates are extraordinary.  What a great time for 1st time buyers to jump into home ownership.

Steve

Posted by Steve, Joel & Steve A. Chain (Chain Real Estate Investments & Mortgage, Steve & Joel Chain) over 7 years ago

Steve:  It is so true.  And with the prices the way that they are in both Mentor, Ohio and Lake County. first time buyers can honestly get a home with a payment that is less than renting.  In Mentor, it is not just a slogan, it is reality.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

Such a buyer's market and incredible rates indeed. I can remember when rates were 18%!!

Posted by Cathy Lee, ASP, IAHSP, RESA Danville, CA (CL Design Services Home Staging) over 7 years ago

These rates are incredible.  Mom's been around the industry for 30+ years and never seen anything like it.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 7 years ago

Carolyn, now is one of the best times in our life times to buy a house. Couple low interest rates with homes being sold for less than they could be built, and it's a win-win for buyers.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 7 years ago

Carolyn - an informed buyer should be out looking right now with prices and rates lowered in most markets now is an excellent time to buy

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) over 7 years ago

Carolyn, interest rates today are absolutely fantastic! Who would have thought we would have single digit interest rates in the 80's?

Posted by Maria Morton, Kansas City Real Estate 816-560-3758 (Chartwell Kansas City Realty) over 7 years ago

This rates are great...

Years ago I had paid almost 8% on my mortgage...

Posted by Joshua Zargari, MJ Decorators Workshop (MJ Decorators Workshop LI staging and home decorating) over 7 years ago

This is a good time to buy. Thanks for reminding buyers of the low interest rates.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 7 years ago

Carolyn, I agree..great interest rates and great time for buyers to get off the fence !!

Posted by Rebecca Gaujot, Lewisburg WV, the go to agent for all real estate (Perry Wellington Realty) over 7 years ago

Cathy, yes, the rates are indeed incredible.  And yes, back in the early and mid 80's the prime rate was up to 21.5% and the FHA and VA rates topped out at 17.5%.  And boy do I remember that.  What those buyers would have given to trade those crazy rates for what we have now.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Christine, incredible is the right word, it certainly is.  Sounds like your Mom and I might be about the same age.  I have been a Realtor for over thirty years myself.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Sharon, if only we could get our buyers and sellers to realize that yes, this is it, right now.  It truly IS the best time to buy a home in our lifetime, and in our parent's lifetime.  We sure do like that win-win stuff.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Kathy, that's what our buyers and sellers need.  Information.  The best decision is a fully informed one.  And, with all the indecision and fear going on right now, helping our buyers become informed can go a long way towards alleviating that fear.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Maria:  Fantastic, incredible, and lots of other superlative words as well.  I was there in the 80's, and actually the mid 70's as well.  Nobody would have believed us if we told them that some day the rates would be 4.5% for a thirty-year loan.  Now truly IS a great time to buy.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Joshua, 8% is STILL a low rate compared to what rates were in the early and mid 1980's.  The VA and FHA rate back then was 17.5%.   And, people were still buying homes.  With rates that high, the market STILL did not dry up.  Amazing.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Gita:  They need reminders.  I think we all do.  Rates have been so low for us that even WE tend to forget how fortunate we are in having rates this low.  And, these rates will NOT stay at this low level forever.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Rebecca, how long can a buyer manage to SIT on the fence.  I would think that after all this time, their butts would fall asleep.  I don't know about you, but I HATE when that happens.  I can just see myself, standing there, squeezing my own butt, and have someone ask me what the heck I am doing ?  What else, my butt's asleep, and I'm trying to wake it up... LOL.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) about 7 years ago

Carolyn, thanks for your message!  Appreciate it.  It is indeed a great mortgage rate and we're lucky to be the first few people online talking about it.  Over the next week everyone will be reading all these articles about this change and we'll be in the limelight for having put it to our clients and community and colleagues.  As Buffini says "top of the morning to ya and the rest of the day to me!"  Have a great day.

PS. In this business of so many delicate and trust-depending relationships it's pivotal to keep people within the 'family'.  I look forward to staying in touch and exchanging referrals to exceed our clients expectations.  Would you be interested in becoming part of my referral database and vice versa?

Dependably, 

Jark

Posted by Jark Krysinski *PREC (Personal Real Estate Corporation), TeamYVR Team Leader, BA,ABR,IRES,IMSD,LLB (REMAX CREST REALTY WESTSIDE) about 7 years ago

Participate