The FEDERAL RESERVE decided to INCREASE the Federal Funds Rate today. This was the FIRST time they’ve raised the rates since this time last year, and they hinted at 3 possible increases in 2017. As rates rise, homebuyers lose buying power (meaning, the same price home now costs them MORE per month due to higher rates, as well as it can effectively lower the amount they qualify for accordingly, for the same reason). Those days of rates in the 3% ranges for 30YF loans *may* be forever gone. We’ll have to see. Historically speaking, even the current rates are still extremely low when considering mortgage rates were 15%+ in the 1980s!! So it’s still an excellent time to buy, but be aware of what may continue to happen with mortgage rates if you may be looking to buy a home anytime soon!
CURRENT AVERAGE MARKET RATES
4.125% to 4.25% (* APR 4.253% - 4.403%)
3.5% to 3.75% (* APR 3.672% - 3.922%)
4.125% to 4.375% (* APR 4.202%-4.4.477%)
4.25% to 4.375%(* APR 4.612% - 4.787%)
4.5% to 4.75% (* APR 4.575% - 4.875%)
ARMS and other Products available upon Request. Rates good through 12/14/2016.
Equal Housing Lender. @2016 Academy Mortgage License #3113. This is not a commitment to lend, rates are subject to change. Restrictions apply. All terms subject to credit approval, market changes, and availability. All information is believed to be accurate but subject to change without notice. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400, Atlanta, GA. 30342. Georgia Residential Mortgage Licensee. FHA rates good for credit scores 660 and above. Conventional rates good for credit scores 740 and above.
Conventional 30 Year Fixed scenarios assume a $300,000 sales price, 20% down payment, monthly payment of $1513. Conventional 15 Year Fixed scenarios assume a $300,000 sales price, 20% down payment, monthly payment of $2065. FHA 30 Year Fixed scenarios assume a $300,000 sales price, 3.5% down payment, monthly payment of $1986. VA 30 Year Fixed scenarios assume a $300,000 sales price, 0% down payment, monthly payment of $1857. JUMBO 30 Year Fixed scenarios assume a $800,000 sales price, 25% down payment, monthly payment of $3760. Call for details.
This information is provided for the Real Estate Professional & is not an advertisement to extend consumer credit as defined by section 226-2 of Regulation Z. Academy Mortgage Corporation is an Equal Opportunity Lender, contact us for details. Not for use with Consumers.
NMLS ID: 204787
Senior Loan Officer – The Maguire Team
FIVE STAR PROFESSIONALIndustry Award Winner (as seen in “Atlanta Magazine” 8/2013)
Mortgage Rates remain INCREDIBLY low!! As such, it continues to
"Very professional, knowledgeable, client-oriented, above all,patient and courteous. We would recommend Greg and his team anytime for their ability to make it happen in a shorter time than we envisaged ."