2.875% on 5-1 ARMs — UNBELIEVEABLE INTERST RATES

I just learned from Laura Hall with Corporate Investors that 5-1 Arms are under 3%.  I could not believe it.  Here are the most update rates:

Weekly Interest Rate Update

Financing Progam

Rates

Fixed 30-Year to $417K

3.875%

Fixed 30-Year Jumbo

4.875%

Fixed 30-Year FHA

4.0%

Fixed 15-Year to $417K

3.375%

5/1 ARM to $417K

2.875%

5/1 ARM Jumbo

3.25%

30 year rates are holding steady at under 4% which is also tremendous.  This is a great time to buy.  Inventory is excellent and interest rates could not be better.

Here is our local market update:

Chapel Hill

  • Closed sales are up 14% over 2009.
  • The median sales price is up 2.3%.
  • The average sales price is down 2.5%.
  • The list to sales price ratio is 96.6%.
  • The average days on market have increased 12.9%, from 97 to 110 days.

Durham

  • Closed sales are on par with last year, they are neither up or down.
  • The median sales prie is down 2.3%.
  • Average prices are down 4.5%.
  • The list to sales price ratio is 96.5%
  • Average days on market are the same at 87 days.

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