Now that conventional loan limits have increased to $729,750, our clients have been able to take advantage of a higher loan at rates below 5% with a fraction of points. For example, in markets such as the Washington DC area, buyers with 20% down payments who have been waiting can move on homes whose prices are now within the acceptable price ranges for their financing planning.
Just to give you an idea of where zero point rates are right now (assuming good credit)...
- Conventional: Up to $417,000 = 4.875%; $417,000 - $729,750 = 5.125%; Over $729,750 = 6.25% fixed; Over $729,750 = 5.25% 5/1 ARM
- FHA: Up to $417,000 = 5.0%; $417,000 - $729,750 = 5.375%;
Of course rates are very dependent on credit scores and down payments. These are the kind of rates our clients received as of Friday, May 1.
WC&AN Miller Realtors, A Long&Foster Company
4701 Sangamore Road, Bethesda, Maryland 20816
Cell: 301-452-1409 Direct: 301-320-8430 Ofc: 301-229-4000
Email: hslowinski@longandfoster.com or Hill@HillSlowinski.com
_________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie's Great Estates, Top 1% Long & Foster Agents, President's Club 2008
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland 20816
Tel: 301-229-4000 Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409
Email: HSlowinski@LNF.com · Web Site: www.HillSlowinski.com
Weblog: http://HillSlowinskiRealEstate.com
