5% Mortgage Interest Rates !
Available Mortgage Interest Rates can change daily. Today I am seeing quotes of 5% for a 30 year fixed rate convention loan. Rates can be even lower for a 15 year loan.
There are lower rates available for adjustable rate mortgages but PLEASE don't consider one of those loans. I advise my clients to choose a fixed interest rate instead of a loan where the rate starts low and changes periodically. My experience has been that although buyes are told that the rate can adjust up or down, most of the time the rate is going UP, not down.
Five years ago, I sold a home to a military couple who insisted on buying a home that they could only afford using an adjustable rate mortgage with an interest rate 1% below the fixed rate available. Their rationale was that he would be transferred before the rate change at 3 years so it would not affect them. He did get transferred in three years, but meanwhile, the couple divorced and she was stuck with a home they could not sell, she could not qualify to refinance and the interest rate was rising.
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