Mortgage Rates Near All Time Lows!

Mortgage rates plunged yesterday as the financial markets reacted to a couple of pieces of bad news. The first item was that the Greek Prime Minister is going to ask the country to vote on a potential bailout package. The package is extremely unpopular in Greece, and is unlikely to be approved via referendum. The second piece of bad news was the implosion of financial firm MF Global. The firm filed for bankruptcy yesterday, the ninth largest bankruptcy of all time. It current trends continue, we could see mortgage rates test their all-time lows this week.

Are you a renter looking to take advantage of today’s low rate environment? Is the lack of money for a down payment the only thing between you and homeownership? You may want to look into an FHA mortgage. Many first time homeowners take advantage of FHA loans because they only require a minimum down payment of 3.5% of the purchase price of the house. In comparison, many traditional lenders require down payments of 20% or more, and it can take years for the average person to save that much money. Call Greg Corpodian at 702-370-2016 if you want to refinance or purchase a new home!