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13
Fixed-rate Mortgages Fall to 6-Month Lows
Local lenders saw rates on 30-year and 15-year, fixed-rate mortgages move to a six-month low this past week, an important factor in the housing market recovery. Jane Schneider, President of 1862 Mortgage, said rates have slipped again presenting a great opportunity for buyers, as well as those ready to refinance. The average 30-year fixed-rate mortgage, with no points, fell to 4.5%, while the 15-year fixed rate mortgage, with no points, fell to 3.875%. A 5/1 Portfolio ARM (adjustable rate mortgage) fell to 3.625%. "Whether you are interested in buying a new home, investing in real estate or refinancing your current home, now is the time," Schneider said. "Borrowers would be wise to lock in rates, as things can change quickly and rates have been very unpredictable in this market." National analysts say the drop and the lack of ability of borrowers to qualify and take advantage of these rates due to new regulations, could severely limit who qualifies for a loan, further impacting the housing market. Locally, though, these low rates should only positively influence our markets, said Caroline Ruhl, President of Ruhl&Ruhl REALTORS. "Our markets have been sheltered from the major ups and downs and the number of foreclosures has remained low compared to the rest of the country," Ruhl said. "These historically low rates just improve our markets and show consumers that now, more than ever, is a great time to purchase a home." Consumers should also understand the importance of loan pre-approval with new government standards, Schneider added. In light of the radically different requirements for getting a loan now, compared to several years ago, Ruhl also advises all sellers to get preapproved for a loan before putting their property on the market. "We've had many deals fall apart after receiving accepted offers because the sellers discovered they could no longer qualify for a loan to purchase a new home," Ruhl said. "Many sellers who qualified under the old lending requirements when they purchased their home no longer qualify under the new lending requirements." 1862 Mortgage is a DBA (Doing Business As) of Shelter Mortgage, an operating subsidiary of Guaranty Bank. Guaranty Bank is a federally chartered bank that was founded in 1923 and has over 170 branch locations nationwide. For more information on 1862 Mortgage or to get pre-approved, visit their website at www.1862Mortgage.com. A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin and is the largest privately-owned real estate company in Iowa. Headquartered in Davenport, Iowa, the company has 284 sales associates and 50 employees based in sales offices located in Bellevue, Bettendorf, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm and land sales, senior services, real estate investment, mortgage services through 1862 Mortgage and insurance services through the Nelson Ruhl Agency. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com. If you are intersted in getting a free pre-approval please call toll free, 866.441.1776 or visit RuhlHomes.com/1862 Mortgage.
