Arizona Mortgage Rates for March 23 2009

Arizona Mortgage Rates for March 23 2009

Are mortgage rates heading lower? I don't exactly have a crystal ball, but one really has to question whether or not mortgage rates can fall much farther. As it is, you can get a 4.875 - 5% 30-yr mortgage. The US government continues to be the primary (only?)buyer of mortgages, and they are only buying conforming loans -- not of jumbo loans. It is possible that if/when investors express an interest in owning mortgages, jumbo or otherwise, we may see mortgage rates drop – but until investors change their mind -- it is probably more of the same... until inflation kicks in.

Many people that we speak with are having trouble qualifying for a mortgage because of their large amounts of credit card debt. They may be able to benefit from an Arizona debt settlement option - and although we don't do debt settlement, we are hearing success stories. It is a viable option and beats filing bankruptcy.