Mortgage Rates Reach New Low Levels For Fixed Rates
Mortgage rates reach new low levels for fixed rates. The downfall of Fannie Mae and Freddie Mac has resulted in an immediate decrease to fixed mortgage rates. The market is now at the lowest level it has seen since January of this year.

Mortgage rates have dropped as the margin between treasury rates and mortgage bonds has shrunk. The ten year bond is firmly below 4% and there remains a great deal of uncertainty in the markets. If you are in the market to refinance your mortgage or buying a Mortgage lenders have tightened their lending guidelines in 2008.

A borrowers credit score is now one of the most important factors used to not only determine if you qualify for a mortgage, but what your closing fees are and potentially how much your mortgage insurance or PMI will run every month. Most lenders have gone away from offering interest only or deferred interest mortgage loans that could be considered a higher risk to the end investor.

VA purchase and VA refinance loans are loans insured by the Department of Veterans Affairs. No down payment is required (Federal VA loans only), but home buyers have to be qualified veterans of military service.