In The News
New Mexico Mortgage Rates Fall Below 6%
Lowest rates since 2005 and a strong housing market kick off 2008..
Albuquerque, NM (Jan. 8, 2008) -- Charter Bank announced that mortgage interest for 2008 are again below 6% and at their lowest levels since 2005.Rates for 30-year fixed-rate mortgages were at 5.7 percent as of Jan. 7. Rates last dipped this low in September, 2005, when the rate was 5.65 percent. The all-time low for fixed-rate mortgage was in 2003, when rates dipped below 5 percent.
“This comes at a great time for many sellers, as well as buyers, since lower interest rates equate to lower payments and can help sustain home prices,” said Susan Millspaugh, Charter’s senior vice president of mortgage production.
Meanwhile, the state’s housing market is holding up far better than the national housing market or the markets in other regions and states. As a result, Charter is expecting to report a strong year, with more than $800 million in mortgage originations, when results for 2007 are tallied.
About Charter
Locally owned and operated, Charter provides a diverse range of financial services, including retail banking, residential and commercial real estate lending and insurance.
Founded in 1976, Charter is the fourth largest financial institution in New Mexico and the state’s leading home lender, with assets of more than $1.3 billion and branches in Santa Fe, Rio Rancho and Albuquerque.
For details, contact:
Susan Millspaugh
505-332-5502
sue.millspaugh@charterco.com
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