Posted by: Annie De La Chevrotiere
on Aug 05, 2011
Fueled by declining stock markets, and universal fear regarding global debt, bond yields are decreasing which is providing downward pressure on fixed interest rates. The best 5 year fixed rate today August, 5th, 2011 is currently 3.49% for purchases that are closing within 45 days of application. The lender that provides this rate offers 20% prepayment privileges each year and does not limit the prepayment to just once per calendar year. You are allowed up to 20% of the original amount borrowed in increments throughout the year.
The lowest 5 year fixed rate in recent history occurred in December 2010 at 3.45%, so we are not far from the absolute lowest historical bottom.
Based on a mortgage of $300,000, at 3.49%, 30 year amortization, the monthly payment = $1,341.26.
Please do not hesitate to contact one of our brokers for more information: http://www.garibaldimortgage.com/contact.