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Mortgage Rate Update 2-4-09

Check out the latest interest rates I received from Jeff Teplitz of National City Mortgage in Williston, VT. FHA rates are slightly stronger than the conforming 30 year loan.

Paying points may be back in style. At this time the difference between the 30 year, no point loan and the 30 year 1 point is .875%.  The net savings is $54.72 per $100,000 of loan amount per month.

It will only take 18 months to realize the savings of paying the 1 point.  Well worth it to get a 5.00% interest rate.

Conforming 30 Year Fixed 30 day lock rate 0 points: 5.000% 30 day lock with 1 point: 5.875%

Conforming 15 Year Fixed 30 day lock rate 0 points: 5.250% 30 day lock with 1 point: 4.625%

Conforming 20 Year Fixed 30 day lock rate 0 points: 5.375% 30 day lock with 1 point: 4.625%

FHA 30 Year Fixed 30 day lock rate 0 points: 5.500% 30 day lock with 1 point: 5.250%

FHA 15 Year Fixed 30 day lock rate 0 points: 4.500% 30 day lock with 1 point: 4.500%

*rates effective 2/03/09 for 30 day lock.  Credit score and loan to value will effect rate **rates may change at any time with out notice - rates quoted are for best credit score customers

Provided by: Jeff Teplitz National City Mortgage 75 Talcott Road Suite 70 Williston Vermont 05495 (802) 879 4424 ext 234

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