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Credit Card Myths. Myth #7 this week.
Myth No. 7: High credit card limits are bad for your credit scores. You certainly shouldn't ask a credit card company to lower your credit limits or shut down cards, since either action could hurt your credit scores, unless a lender specifically requires you to do so as a condition of getting a loan. Even then, you should try to keep your oldest and highest-limit cards open.
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| Mortgage Interest Rates for Fixed Rate Mortgages* |
| Rates as of Friday, 5th March, 2010: |
| | Term | Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | | FHA - 30 yr Fixed | 360 | 5.11% | 5.257% | $5.44 | 5.125% | 5.213% | $5.44 | | FHA - 15 yr Fixed. | 180 | 4.50% | 4.748% | $7.65 | % | 0.000% | $0.00 | | Conv. - 30-Yr Fixed | 360 | 4.90% | 5.045% | $5.31 | 6.43% | 6.525% | $6.27 | | Conv. - 15-Yr Fixed | 180 | 4.30% | 4.547% | $7.55 | % | 0.000% | $0.00 | | 5/1 - Adjustable Rate | 360 | 4.12% | 4.258% | $4.84 | % | 0.000% | $0.00 | | USDA - Fixed 30 yr. | 360 | 5.00% | 5.146% | $5.37 | % | 0.000% | $0.00 | | |
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| 3/5/2010 Interest rates are steady for the time being. Look for a rise in mortgage rates in April, 2010. The Treasury will discontinue purchasing MBS at the end of March.
Jim Carney
American Mortgage Specialists
Phone: (623) 544-3370 or JimCarney@amsaz.com | | |
