MORTGAGE RATES DROP TO 2003 LEVELS

This weeks news has been filled with the U.S. Treasury's latest proposal to stabilize the real estate market with a 4.5% mortgage rate.

Everyone wants this rate! Who wouldn't? The key point regarding this proposed program (if it becomes a reality) is that it is for purchase transactions and not for refinance transactions.

MBSQuoteline added this take on the proposed program:

"The incentive to execute such a plan is compelling, however. Lower mortgage rates make homes more affordable. As more people purchase homes, prices will stabilize more quickly and new home construction will pick up, giving the overall economy a much needed boost."

Current market rates for a conforming 30 fixed rate mortgage are in the low to mid 5%'s, depending on qualifications (good fico score, no cash-out, 75% loan to value).

The last time rates were this low was in June 2003 (5.23% .6pts upfront), according to Freddie Mac's historical data ( http://www.freddiemac.com/pmms/pmms30.htm ).

Take advantage of this window of opportunity to lock in a low fixed rate mortgage. Feel free to call for more information.

Sally Audet
Loan Officer
Bankers Network Corporation
1875 S. Bascom Ave., # 2550
Campbell, CA 95008
408-981-1089
SallyAudet@comcast.net

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Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085