News Flash: Interest Rates Drop!

Today’s interest rates on a 30-year, fixed rate, conventional mortgage are 4.75 percent. My understanding is by buyinig points, the loan can be reduced to 4.25 percent.

FHA stands at 5 percent interest, fixed, for 30 years.

Of course, you need to have a downpayment or equity, a job and good credit. But this is the best rates have been in years.

Needless to say, it’s a great time to buy or refinance.