Mortgage Interest Rates

Very exciting to see interest rates drop again.  And, essential in our market,  “jumbo loans” are at reasonable levels, too.

For loans up to $417,000, I saw published rates of 4.75% for  30 year fixed loans.  For loans $417,001 to $750,000, a rate of 5.625% for 30 year fixed  (fixed rate jumbo loans were hard to find until recent weeks).  For loans over $750,000, and up to $3,000,000,  adjustable rates are available under 5%, and fixed rate loans for 6%.

As with any major financial decision, you should work with a reputable and experienced lender.  Ask your friends for recommendations, or contact me for suggestions.  A low rate on a web site may not apply to a second home- or there may be hidden points/fees that will dramatically alter the figures.  The long time mortgage reps at the shore understand the quirks of our market (high land values, furniture included in sales, summer rentals, etc.)