Janet English, ABR, CDPE, CNHS
Office: (251) 621-2588
Toll-free: 1-800-625-8330
Fax: (251) 625-3328
Cell: (251) 591-2411
Email Janet

RE/MAX By The Bay
6483 Van Buren St.
Daphne, AL 36526

Recent Blog Posts

Comparing Baldwin County schools by test scores
Fri, Mar 30th 2012 7:20 pm

Village Pointe Park a stroll through a timeless forest to the beach
Mon, Jan 30th 2012 1:21 pm

Cheryl's Cafe & Market: A lunchtime institution
Mon, Jan 30th 2012 12:33 pm

Mortgage rates fall to historic lows
Thu, Oct 6th 2011 2:41 pm

What is a short sale?
Wed, Oct 5th 2011 1:40 pm

Mortgage rates fall to historic lows

Oct 06th 2011

Posted By: Janet English @ 2:41pm In: Explaining real estate
Tags: spanish fort al real estate, spanish fort al homes, daphne al homes, mortgage rates, mortgage lenders in daphne al

Print This Post

Freddie Mac announced Thursday that 30-year fixed mortgage rates fell below 4% for the first time ever. The new rate - just 3.94% - is lower than the rate in the 1950s, according to the National Bureau of Economic Research. For buyers looking at homes in Daphne, Fairhope and Spanish Fort, you'll find the 15-year fixed rate in the lower 3% range locally.

For example, Mary Brabner, loan originator for Region's Mortgage in Daphne, AL, says her 30-year fixed rate is 3.875% today. This is for over buyers with credit scores over 740, with 20% down on a purchase. A 15-year rate is 3.25%, Brabner said. Dean Watson of WestStar Mortgage, also in Daphne, AL, says rates may be higher for those whose credit scores are below 740. WestStar offers mortgages that don't require the often pricey wind coverage for home owners insurance; for that the rate may be a bit higher, he said.

With a nice selection of homes for sale in Spanish Fort, Daphne and Fairhope, it's a great time to buy and lock in a low fixed rate. If you have sufficient equity, it's also a great time to re-finance.

Share this Post: