Saturday, September 15, 2007

Cheap home mortgages continue to be readily available

Despite all the talk of a credit crunch, people with good credit and a documented income can still get reasonable size mortgages (under $417,000) at quite cheap rates. The latest weekly mortgage survey from Freddie Mac shows the average rate offered for 30-year fixed-rate home mortgage is 6.31% (down from 6.46% last week) and the average for the 15-year fixed-rate home mortgage is 5.97% (down from 6.15% last week.) These are truly great rates, and lower than a year ago.

Sure, people with lousy credit or without 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) may be somewhat more problematic, but still available depending on local conditions.

So much for being able to depend on the media for information about finance and the economy.

-- Jack Krupansky

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