Arkansas Mortgage Rates;
Throughout 2006 the housing market in Arkansas expanded very rapidly as more and more people jumped on the bandwagon and speculated on the market. Houses were being built at such a pace that the market couldn’t keep up with it. Currently the market is experiencing a slowdown and the supply of homes is outstripping demand. However, it isn’t all bad news – the economy is still strong, the population is increasing and homes are still selling. With interest rates remaining low, this is a great time to think about buying. And people who take advantage of this buyers’ market will be the first to reap the benefits of it when things do start to pick up.
The issue has never been demand which is still strong. There is a big supply of housing stock which will pressure on housing prices. For buyers who have been waiting for exactly this kind of correction – this is the perfect time to enter the market. There are still a lot of people moving into Arkansas every month, and they all need homes to live in. Sellers have to be realistic about their asking prices and for buyers, there will be some great bargains out there.
Below are examples of rates currently being offered.
For loans up to $417,000
30 Yr Fixed : rates from 5.625% to 6.5%
15 Yr Fixed : rates from 5.5% to 6.25%
1 Yr ARM : rates from 5% to 6.75%
3/1 ARM : rates from 5.125% to 6.375%
5/1 ARM : rates from 5.375% to 6.5%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 6% to 6.625%
15 Yr Fixed Jumbo : rates from 5.75% to 6.625%
1 Yr ARM Jumbo : rates from 5.125% to 6.5%
3/1 ARM Jumbo : rates from 5.625% to 6.625%
5/1 ARM Jumbo : rates from 5.625% to 6.625%
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Looking for a mortgage in one of Arkansas's major cities? Click any of the cities below for more mortgage information.
Major Arkansas
Cities;
Hot Springs
El Dorado
Little Rock |
