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                                    Arkansas Mortgage Rates Low but Not Equal

       By The Mortgage Bank of Arkansas
       Dated: Dec 22, 2008

       Arkansas Mortgage Rates Are Low But Some Are Lower Than Others

       Mortgage Rates in Arkansas and around the country continue to drop. As of end of the week Dec 18, the
       national average was at its lowest since 1971 when Freddie Mac began the survey. Rates closed the week
       down to 5.19 percent compared to last week’s close of 5.47 percent

        The large decrease for the week can mainly be contributed to Federal Government announced it was ready
       to expand the purchasing of mortgage related assets.

        Not all is equal however when to comes giving out the best rate. Before the current credit crunch started 18
       months ago a person with a 640 credit score would be offered the same rate as someone with a740 credit on
       a conventional loan. Lenders have now gone to tiered risk based pricing. If a borrower falls in the lower
       range of conventional credit scores they should not expect to receive the best rates available. The swing
       between the best rates available and the low end can be anywhere from ½ to a full 1%.

        Walt Terry, President of The Mortgage Bank of Arkansas, a unit of Allied Bank, in Little Rock, Arkansas,
       said customers are just starting to get used to the differences in rates.
        "We're are starting to see a spike in loan applications and with that it takes a little explaining to the
       customers who do not qualify for the best rates”.

        Mortgage Rates more than likely will not get back to the 6-6% range anytime soon. Most analysts are
       predicting low rates for the better part of 2009. It will depend on how long the credit markets take to work
       the issues out. To get the latest Arkansas Mortgage Rates visit http://www.themortgagebankar.com

       ###

       The Mortgage Bank of Arkansas knows that each customer has specific loan or mortgage needs, so we
       strive to meet those specific needs with quality service and individual attention for people in Arkansas.

       Category           Loans, Mortgage, Real Estate
       Tags               Arkansas Mortgage, Arkansas Home Loan, Arkansas Lenders Little Rock Mortgage, Arkansas
       Refiance
       Email              Click to email author
       Phone              501-225-5626
       Address            11501 Huron Lane
       City/Town          Little Rock
       State/Province     Arkansas
       Zip                72211
       Country            United States




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