Interest Rates

[andrew3d]

I heard on the news that the Federal Reserve is expected to lower another key interest rate from 1% to 1/2%.

Will this lower the interest rate we might qualify for in buying a new home?

If I said I wanted an fixed interest rate below 4% for a manufactured home, is this realistic or ever going to happen?

Further, I pay 8% interest now on my land. I wonder if I could wrap that land into the manufactured home loan, and reduce it all to 4%? If no, then maybe as little as 5%?

Any thoughts or ideas?

[rmurray]

The only interest rate the federal reserve controls is the rate big banks get for overnight short term loans from from the Federal Reserve Banks. Long term rates are governed much more by other long term investments such as the 10 year treasury bills (basically loans to the government). Most often mortgage rates are slightly higher than these virtually risk free loans that large investors make. This week risk free 10 year treasury bills are returning 3.10 % and the nations best mortgage quotes are now down to 5.40% for 15 year mortgages, the slightly riskier 30 year mortgage is 5.6% this week..These are for mortgages that investors see as little or no risk, which means 20% or more equity AND high credit scores 720 FICO or better. Lower credit scores and equity will have much higher rates. Basically the answer to your 4% question is NO. Even the VERY low mortgages will have closing costs of 5% or more.
There is a wealth of rate info available at http://www.bankrate.com/ and great mortgage info at http://www.mtgprofessor.com/ . Good Luck

[David Oxhandler]

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