Mortgage Rates Plummet!

During December, mortgage interest rates on home loans dropped significantly. In fact, they fell to levels not seen for several years. For 30-year, fixed-rate loans, the interest rates fell into the low-to-mid 5% range, depending on the specific type of loan and borrowers credit worthiness. Some shorter-term loans had rates as low as the upper 4% range. At 5.25%, the principle and interest on a $100,000, 30-year, fixed loan would be only $552.20.
Of course, mortgage rates can vary on a day-to-day basis, so potential borrowers should check with their mortgage lender to see what rates are currently available. If you do not have a lender, contact Sarah at slaunchbaugh@cbtulsa.com and I can give the name of a lending professional or two you can contact.
With these low rates and the affordability of housing in this area of the country, this could be the best time in years to purchase a home!