Friday, February 11, 2011

Current mortgage loan rates

Don't look now, but interest rates on 30-yr. fixed rate mortgage loans are starting to creep up, as we knew they would. By historical standards, they are still very good, but as a general rule of thumb you can estimate that for every 1% increase in rates, you will qualify for 10% LESS home. In other words, if you qualify for a $330K mortgage at 4.5% interest rate, you will only qualify for a $330K loan if the rates increase to just 5.5%. (I repeat, these are very rough figures with a lot of variables involved, but you get the idea.)

Here, then, is a table of rates as of Thursday, Feb. 10th, 2011. Information courtesy of Troy Chambers, Loan Officer for Arboretum Mortgage. 425-418-5103. http://www.troychambersmortgage.com/

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