Once again, we are seeing mortgage rates hovering at record low levels. The feds continue to hold interest rates down, and home financing is following suit.  A 30 year fixed rate mortgage is now averaging 4.36% nationwide and a 15 year fixed rate mortgage is averaging at an incredibly low 3.86%.  5 year adjustable rate mortgages are currently at 3.56% and 1 year ARMs are at 3.52%. All we can say is “Wow”. These are impressively low numbers.

So are people taking advantage of these low rates? Based on our obeservations……not really.  Buying activity is currently down, as is applications for loans. There are probably many factors involved here (which could take up another 40 or so blog posts), but the fact remains that rates are historically low.  However, we have witnessed an extreme tightening of funds.  Basically, even though rates are low, it’s hard to get financing.

Our advise…….if you can, refinance on your current loan. If you’ve been waiting, wait no longer.  In our opinion, rates just aren’t going to get much lower. Or if you are in the market to buy, get to the bank, get prequalified, and look for a great deal. As we all know, there are many great deals out there.

For mortagage information in Santa Fe you can contact the following people.  These are people we know and trust.

Superior Mortgage (Nancy Armstrong and Jim Gay)

Wells Fargo Mortage in Santa Fe (Sherry Finney)

Cheers,

Matt and Ryan

Contact Matt Desmond and Ryan Bolton

Tags: Home Financing Santa Fe, homes in santa fe, Living in Santa Fe, matt desmond, Ryan Bolton, Santa Fe Mortgage, santa fe real estate