If you have seen the news on TV or read a newspaper in the past 2 weeks you have noticed that mortgage rates are trending upwards. Many national and global events affect how mortgages are offered and, with all the activity lately, rates are up.
Nevertheless, mortgage rates still are at historic lows so don’t be disillusioned by headlines when there are great opportunities at your fingertips to find a home that is right for you, and obtain financing at a great rate.
For those of you who are First Time Home Buyers, Maine State Housing’s (MSHA) note rate is still at 4.375% for those that qualify (please call for details). They also still have funds available for the Gift of Green, which is a grant offered by MSHA of up to $2500 to be used towards closing costs, AND doesn’t need to be repaid.
My goal is to make sure you understand the mortgage process from application to close, and that you get the product that best suits your needs. Knowing that there is no way to predict the future of rates, go with what you know today and find your dream house.
Below is a table from www.freddiemac.com to show you the recent history of the 30-year fixed rate.
| | 2009 | 2008 | 2007 | 2006 | 2005 |
| | Rate | Rate | Rate | Rate | Rate |
| January | 5.05 | 5.76 | 6.22 | 6.15 | 5.71 |
| February | 5.13 | 5.92 | 6.29 | 6.25 | 5.63 |
| March | 5 | 5.97 | 6.16 | 6.32 | 5.93 |
| April | 4.81 | 5.92 | 6.18 | 6.51 | 5.86 |
| May | 4.86 | 6.04 | 6.26 | 6.6 | 5.72 |
| June | 5.42 | 6.32 | 6.66 | 6.68 | 5.58 |
| July | 5.22 | 6.43 | 6.7 | 6.76 | 5.7 |
| August | 5.19 | 6.48 | 6.57 | 6.52 | 5.82 |
| September | 5.06 | 6.04 | 6.38 | 6.4 | 5.77 |
| October | 4.95 | 6.2 | 6.38 | 6.36 | 6.07 |
| November | 4.88 | 6.09 | 6.21 | 6.24 | 6.33 |
| December | 4.93 | 5.29 | 6.1 | 6.14 | 6.27 |
| Annual Average | 5.04 | 6.03 | 6.34 | 6.41 | 5.87 |
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