FACT: MORTGAGE RATES ARE FINALLY COMING DOWN! 📉
While 6.33% is the national average for a 30-year fixed-rate mortgage, according to Freddie Mac, I encourage you to reach out to your LOCAL LENDERS as their rates may be SIGNIFICANTLY LOWER.
This is the case for my preferred Lender here on MARTHA’S VINEYARD, whose rates are well under the national average!
Martha's vineyard Mortgage Rates
My Preferred Lender’s Rates as of 01/12/23
Conforming loans under $726,200:
-30-year fixed at 5.625% 0 points (apr 5.651)
Jumbo loans over $726,200:
-30-year fixed at 5.99% 0 points (apr 6.010)
-10/6 arm at 5.625% 0 points (apr 5.423)
-7/6 arm at 5.375% 0 points (apr 5.204)
-5/1 Construction arm at 5.125% 0 points (apr 5.684)
-5/1 Interest Only 5.875% 0 points (apr 5.971)
"Buy Down" Your Mortgage rate
They also have options to “BUY DOWN” your rate, which would allow you to save a significant amount in your monthly payment for the first 2 years, and it could be potentially funded with a seller credit at closing!
👩💼So BUYERS please don’t be discouraged, this is still a VERY good time to buy a home – Prices are normalizing, there is more inventory, fewer frenzied buyers to compete with, more negotiating power and still very competitive rates!
Reach out to me anytime, if you’d like for me to connect you with a trusted Lending partner here on Martha’s Vineyard!