Thursday, March 12, 2009

Amelia Island Mortgage Rates

From the desk of Alan Vanderheiden
Senior Mortgage Advisor
Regions Mortgage
1409 Sadler Road
Fernandina Beach, FL 32034
904-277-3232 (office) 904-335-0500 (cell) 904-277-2261 (fax)

March 6, 2009

FNMA 30 Year Fixed: 4.875%
5/1 Conforming I/O ARM: 4.75%
5/1 Jumbo I/O ARM: 6.375%
USDA / FHA / VA: 5.00%

Hello Friends,

I hope this finds you well and enjoying the spring weather. This is why we live in the South!!!

The mortgage markets, while still volatile, continue to offer very low rates. We have moved up from 4.50% on the 30 year fixed product to 4.875% but anything under 5.50% is a gift. My concern has been how long will rates stay low but I’m feeling a bit more comfortable since we’ve enjoyed these low rates for about six weeks now. I’ve very cautions about predicting the future of mortgage rates…..with the instability in the market and with Washington’s fingers in our business we never know what can happen tomorrow. I do feel rates will remain in the 5.0% range for some time. There is certainly nothing coming from Wall Street today that would lead me to believe the markets could push rates up anytime soon. I expect rates will remain low until we see the market improve for a few weeks and the jobs numbers increase. That may not happen anytime soon.

Search the local MLS at
John Holbrook - Realtor

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