Comments on: It Just Got Easier to Buy a Home in Orange County, CA http://www.orangecountydealdetective.com/buy-home-orange-county-ca/ Helping you find a great deal on a home to buy in Orange County California Tue, 31 Aug 2010 01:50:15 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Todd Burns http://www.orangecountydealdetective.com/buy-home-orange-county-ca/comment-page-1/#comment-24 Todd Burns Tue, 25 Nov 2008 22:35:02 +0000 http://www.orangecountydealdetective.com/?p=255#comment-24 Today's rate drop was AMAZING! This morning I walked into the office after the Treasury Department Chairman, Hank Paulson, announcment and we were doing everything we could to get the word out to people. I was able to lock in several deals this morning at 5.375% on a $417,000 loan amount (80% LTV) with NO POINTS. To recap, Hank Paulson announced that the federal government would purchase $600 billion in debt from Fannie/Freddie/Ginne Mae freeing up desperately needed liquidity to the mortgage lending market. The spread which was holding rates higher was drastically reduced on word of the capital infusion to the market. According to Bankrate.com the average U.S. rate for a 30-year fixed mortgage ended the day at about 5.5 percent after falling to as low as 5.25 percent. The rate was 6.38% previously. Today’s rate drop was AMAZING! This morning I walked into the office after the Treasury Department Chairman, Hank Paulson, announcment and we were doing everything we could to get the word out to people. I was able to lock in several deals this morning at 5.375% on a $417,000 loan amount (80% LTV) with NO POINTS.

To recap, Hank Paulson announced that the federal government would purchase $600 billion in debt from Fannie/Freddie/Ginne Mae freeing up desperately needed liquidity to the mortgage lending market. The spread which was holding rates higher was drastically reduced on word of the capital infusion to the market.

According to Bankrate.com the average U.S. rate for a 30-year fixed mortgage ended the day at about 5.5 percent after falling to as low as 5.25 percent. The rate was 6.38% previously.

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