Hello to all out there! Not to many changes in rates at all. The market has been holding pretty steady. When you compare rates to one year ago the average 30 year fixed rate was 6.5% today 6.125%. So that means you should go out and buy a house! When I say holding pretty steady I mean in the last month and a half there really has been no change at all in the fixed rate market.

Curious rate shoppers ask me about the 40 year fixed, one would think the savings per month would be big, not really though.

40 year fixed 6.125% with 1.5 points

30 year fixed 6.00% with 1.25 points

15 year fixed 5.625 with 1.375 points

To compare the payments between a 40 and 30 year using a loan amount of $200,000.00 the savings on a 40 year fixed is $16.10 on your monthly payment. Not a big savings as you can see. I would recommend a 30 year fixed, you will see your principal balance decrease faster that way. If you have any questions or comments please let me know.

Happy Friday to you all! Sidney