Saturday, August 18, 2007

Despite the Credit Crunch, cheap home mortgages are still readily available for normal people

Despite all the talk of a credit crunch, people with good credit and a decent income can still get cheap mortgages (under $417,000.) The latest weekly mortgage survey from Freddie Mac shows the average rate offered for 30-year fixed-rate home mortgage is 6.62% (up from 6.59% last week) and the average for the 15-year fixed-rate home mortgage is 6.30% (down from 6.25% last week.) These are truly great rates. Sure, people with lousy credit and without a decent documented income or money for a deposit are on shaky ground, but that's the way it should be anyway. Jumbo mortgages for expensive homes (above $417,000) are a little more problematic, but still available depending on local conditions.

-- Jack Krupansky

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