Floyd Walters, owner of BWA Mortgage publishes a weekly Mortgage Facts.  If you are not a subscriber, I suggest you subscribe @ Floyd’s website.  

“When I was a boy, one of the highlights of my year would be when my Aunt Lita and Uncle Alex from the big city, would come visit us in the desert.  They would bring their three children who were slightly older than us and we would have a great time.

One weekend they came to visit and the youngest of the three children, my cousin Kathy, brought along  a new item of interest and excitement.  She brought her new Ouiga Board. 

We had never heard of a Ouiga Board before but were quite fascinated as Kathy described to us the great mystic powers it possessed if we only believed.

That night she ushered the four of us (my brothers and sister ranging in age from probably 7 to 10 at the time) into the darkened bedroom where we sat, fixated as questions would be asked and answers supplied to all life's mysteries. "Would we be rich?"  "Was there really a Santa Clause?"....."Were there really spirits in the room with us????" woooooooo................... We had a lot of fun and I remember that evening to this day.

I have thought of that Ouiga Board experience many times over the years as it seems like many experts claim to have "mystic" powers in telling us where things are going or what will happen next.  Often they have proved to be about as accurate as that first Ouiga experience.

With that in mind, I wanted to focus this week's mortgage facts on just that;  facts, things we know to be true!  I hope they are helpful and that you enjoy.”

Fact #1:   Mortgage rates have remarkably dropped to their lowest point of the year.

Fact #2:   You can get a 30 Year Fixed Rate on a loan up to $417,000 at 4.75%+1.00 point;

Fact #3:   You can get a 30 Year Fixed Rate on a loan up to $729,750 at 5.00%+1.00 point;

Fact #4:   You can get a 5/1 ARM on a loan up to $417,000 at 3.875%+1.00 point (wow!!)

Fact #5:   You can get a 5/1 ARM on a True Jumbo Loan at 4.875%+1.00 point (wow again!!)

Now keep in mind, rates may not stay at this level long at all but this is a remarkable improvement over the rates we were seeing just 90 days ago and frankly, I did not think they would return to this level (then again, maybe I should break out the Ouiga Board this weekend and get back to you with some insight).

With the low rates in mind, why don’t you call Floyd?  My Burbank duplex is a great opportunity for owner/user, a parent hoping to assist a child or even an investor.  At some point, inflation and interest rate increases will need to set in.