There are a lot of conflicting reports about the current state of mortgage rates, so here’s the scoop: As of this morning, conforming mortgage rates are near their lowest points of the year.

What is a conforming mortgage? Well, if your home loan started in 2007, it is likely “conforming” if:

1. Your current rate is between 5.000% and 7.000%
2. Your mortgage product is not a monthly adjustable mortgage (i.e. Option ARM)
3. Your loan size is $417,000 or less and your home is not a multi-unit
4. You made a downpayment of at least 5 percent

This list doesn’t qualify everyone, nor does it disqualify everyone, but it’s a good start.

If you have a conforming mortgage, consider contacting your loan officer to lock in a lower mortgage rate while rates are in a trough.

If you don’t have a loan officer that you trust, please ask me for a referral — it would be my pleasure to help you.

This entry was posted on Tuesday, November 27th, 2007 at 1:11 pm and is filed under Cincinnati Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.