Notes and Opinions from one of Arizona's Most Trusted Loan Teams

After the Federal Government injected billions of dollars into the banking industry, mortgage rates were expected to fall, but they didn't. For weeks, we have been shaking our heads in wonder while the banks just sat on the money they got from the government. It was obvious from the rate sheets that they didn't really want to lend out what they had. The rates could only be described as "defensive". In other words, they weren't letting go of it unless they got a very high rate of return.

HOWEVER, we finally started seeing rates getting down to what they should have been this week. If your current fixed rate loan isn't in the mid-5% range, you should be shopping for a new mortgage. These rates are for site-built homes. Manufactured homes continue to experience higher rates.

Obviously, equity may be an issue. But if you bought your home prior to 2004 or invested a hefty down payment, you may be fine. We can easily run a "comparable" scan on your home to see what similar homes have been selling for in your neighborhood.

It may be time for a MORTGAGE TUNE-UP. Call us today, the analysis is free.