Mortgage Rates Continue to Drift Lower

Updated and timely report from Realty Times regarding interest rates.

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.44 percent with an average 0.4 point for the week ending August 31, 2006, down from last week's average of 6.48 percent. Last year at this time, the 30-year FRM averaged 5.71 percent. This is the lowest the 30-year FRM has been since the week ending April 6, 2006, when it averaged 6.43 percent.Full Story: http://realtytimes.com/rtcpages/20060901_rates.htm

Why You Should Not Make Any Major Credit Card Purchases

So you're getting ready to buy a home, you have gone to a bank or mortgage broker to get pre-qualified..now what? First, if you are on the edge of what you can afford these measures are mandatory. You must not go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. I have seen couples loose the home they were set on buying because of this. You need to know that every $100 you pay per month on a credit payment could cost your about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage. Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend. Buying or selling a home on Cape Cod? Call me, I can help!

Patty Radford
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com