Arizona Real Estate Notebook

Don’t believe everything you read.

Despite all the “sub-prime meltdown” excitement, interest rates have fallen almost a half a percentage point since mid-July!

If you have good credit you can now buy a house and get the best interest rate in several months.

“Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week’s level”, said Frank Nothaft, Freddie Mac vice president and chief economist. “The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home.

“As a matter of fact, all the mortgage products in Freddie Mac’s survey this week were lower than they were at the same time last year.”