Persistent low mortgage rates have continued into a new week, marking low rates for customers looking to borrow for a new home or refinance.
Current rates are at their lowest point of 2011 with 30 year fixed mortgage rates at 4.250% and 15 year fixed mortgage rates at 3.375% while a 5/1 ARM loan rate can be grabbed with a rate of 2.625%.
Also at yearly lows are FHA mortgage loans which now sit at a 30 year fixed rate of 4.250% with 15 year fixed rates at 3.750% and FHA 5/1 ARM loans at 3.000%. FHA loans allow for credit scores as low as 580 and typically require a 3.5% down payment.
FHA borrowers can also take advantage of various local and state run housing grants to help pay down payment and other closing fees.
Along with rates for single home borrowers, jumbo mortgage rates are also below 5% with 30 year fixed rates at 4.875% and 15 year rates at 4.5% with 5/1 ARM loans at 3.625%.
It will be interesting to see how the market reacts as debt ceiling talks continue to hover.