Although Madison mortgage rates rose in May of this year from rock bottom levels, rates continue to trend in a favorable direction for anyone thinking of buying or refinancing a home.
Mortgage Rates from a Historical Point of View
This data from Freddie Mac trends mortgage rates dating back to 1992. Mortgage rates for 30 year fixed rate loans are currently well below 4.5%, putting current rates among the lowest for any time period in the last 22 years.
View Madison WI Mortgage Rates Updated Daily
Great Midwest Bank publishes its mortgage rates daily and online here. Looking to closely monitor rates? Sign up for the Great Midwest Bank mortgage rate watch.
Upcoming Changes in the Mortgage Market
Mortgage underwriting guidelines will be changing in January of 2014. Among other changes, the maximum allowable debt-to-income ratio will be decreased. If you're thinking of buying a home in the Madison, Wisconsin area, we highly recommend you consult with a knowledgeable lender who will help you understand the new underwriting guidelines and how they will impact you.
Contact us 24/7, and we'll put you in touch with a Madison lender who is a good fit for your individual situation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred