March 6th, 2010
in
Phoenix Real Estate |
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Credit Card Myths. Myth #7 this week.
Myth No. 7: High credit card limits are bad for your credit scores.
You certainly shouldn’t ask a credit card company to lower your credit limits or shut down cards, since either action could hurt your credit scores, unless a lender specifically requires you to do so as a condition of getting a loan. Even then, you should try to keep your oldest and highest-limit cards open.
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Mortgage Interest Rates for Fixed Rate Mortgages*
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Rates as of Friday, 5th March, 2010:
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Term
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Conforming
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APR
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Payment per
$1,000
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Jumbo
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APR
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Payment per
$1,000
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FHA - 30 yr Fixed
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360
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5.11%
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5.257%
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$5.44
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5.125%
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5.213%
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$5.44
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FHA - 15 yr Fixed.
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180
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4.50%
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4.748%
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$7.65
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%
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0.000%
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$0.00
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Conv. - 30-Yr Fixed
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360
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4.90%
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5.045%
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$5.31
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6.43%
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6.525%
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$6.27
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Conv. - 15-Yr Fixed
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180
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4.30%
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4.547%
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$7.55
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%
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0.000%
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$0.00
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5/1 - Adjustable Rate
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360
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4.12%
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4.258%
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$4.84
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%
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0.000%
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$0.00
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USDA - Fixed 30 yr.
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360
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5.00%
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5.146%
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$5.37
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%
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0.000%
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$0.00
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*Rates are subject to change due to market fluctuations and borrower’s eligibility.
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3/5/2010 Interest rates are steady for the time being. Look for a rise in mortgage rates in April, 2010. The Treasury will discontinue purchasing MBS at the end of March.
Jim Carney
American Mortgage Specialists
Phone: (623) 544-3370 or JimCarney@amsaz.com
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Posted via email from Active Adult Living
