Arizona Mortgage Payments/Mo reduced by 12% since February 2011
Low Arizona mortgage rates: What should you do now?
There is a direct correlation between mortgage rates and housing costs: a decline in the former will almost inevitably lead to a decrease in the latter. As far as market trends go, this is your time to refinance your house or purchase a new asset. Never before have mortgage payments been so affordable.
Data from Freddie Mac reveals that the 30-year fixed rate mortgage rate has hit a new low: it is at 3.94% with 0.8 discount points. What this means is that to enjoy the 3.94%, home purchasers in Arizona will have to foot a charge of 0.8% of the loan as well as factor in the usual closing costs.
A week earlier, this mortgage rate was 3.99% with 0.7 discount points.
Throughout 2011, mortgage rates in Arizona have seen a constant decrease. It registered a peak in early February, but it has since declined by 12.2% for principal + interest payment on a 30-year fixed rate mortgage.
Here is a cross reference between mortgage payments per a loan of $100k, without factoring in individual tax-and-insurance escrow:
Mid Feb 2011 : $539.88
Mid Dec 2011: $473.96
Homeowners should rejoice in this information and take action right now. A refinance would translate to savings of at least $10,000 over the span of your loan —you will get to reap more savings if you choose the 15-year mortgage program.
Freddie Mac has also released this information: the 15-year mortgage has hit a new low: 3.21 percent with 0.8 discount points.
Those looking to purchase a home will find this a perfect time to seize the opportunity.
Since Arizona Mortgage Rates are directly correlated to your monthly housing costs, a low mortgage rate would mean a more affordable home. The thing is, the industry is steadily on the mend. The supply of properties is decreasing although the demand has increased. The economy is also recovering.
This means that home prices will go up in the new year, as will housing payments. Hence, if you’re looking to purchase a home at the most affordable pricing, do so before the market fully recovers.
December 20, 2011 by Eddie Knoell · 1 Comment
"Loan Professional", the true definition of the title can be found in what Eddie Knoell will bring to the table for you and your clients. Personable, Organized, Ethical and overall a true passion for being able to help his clients turn a stressful time into a memorable moment. Eddie Knoell has over 10 years of experience in the financial industry and has never strayed away from his belief that helping his customers find their way home is the best gift he can give.
Eddie notes "Customer service is worth nothing if it lacks quality". This simple philosophy that Eddie has is what separates him from the rest. With exceptional customer service, consistent and accurate answers, Eddie will always be steadfast when it comes to putting your best interest first! For a true "Loan Profession" who truly understands and sees the whole picture for you and your family, call Eddie today to experience the difference.
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[...] “Loan Professional”, the true definition of the title can be found in what Eddie Knoell will bring to the table for you and your clients. Personable, Organized, Ethical and overall a true passion for being able to help his clients turn a stressful time into a memorable moment. Eddie Knoell has over 10 years of experience in the financial industry and has never strayed away from his belief that helping his customers find their way home is the best gift he can give. Eddie notes “Customer service is worth nothing if it lacks quality”. This simple philosophy that Eddie has is what separates him from the rest. With exceptional customer service, consistent and accurate answers, Eddie will always be steadfast when it comes to putting your best interest first! For a true “Loan Profession” who truly understands and sees the whole picture for you and your family, call Eddie today to experience the difference.Source: eddiemortgage.com [...]