Maine
Mortgage Rates;
Maine’s housing market is cooling down and the days of multiple bids, big price rises and quick sales are coming to an end. These are signs that the market is leveling off and the growth of the past few years was unsustainable. There are more houses on the market and they’re staying on the market for longer. This is a good time for buyers as they can negotiate good prices. A slower market means that prices aren’t increasing as fast and there is more value for buyers. Buyers won’t feel so pressured to move quickly for homes and will be able to make more considered decisions. Sellers will have to be more realistic with their asking prices.
After two years of high growth, home appreciation and sales have dipped in 2006. This is a great time to enter the housing market. There are many local factors which can influence property values so do your homework, shop around for the best mortgage deal and make sure you negotiate hard with sellers to get the best price.
Below are examples of rates being offered
For loans up to $417,000
30 Yr Fixed : rates from 5% to 6.125%
15 Yr Fixed : rates from 4.5% to 5.875%
1 Yr ARM : rates from 0.5% to 6.75%
3/1 ARM : rates from 5.375% to 6.25%
5/1 ARM: rates from 5.5% to 6.25%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 5.625% to 6.25%
15 Yr Fixed Jumbo : rates from 5.125% to 6.5%
1 Yr ARM Jumbo : rates from 5.125% to 5.5%
3/1 ARM Jumbo : rates from 5.375% to 6.625%
5/1 ARM Jumbo : rates from 5.375% to 6.375%
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Looking for a mortgage in one of Maine's major cities? Click any of the cities below for more mortgage information.
Major Maine Cities;
Auburn
Augusta
Camden
Lewiston
Portland
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