Rates are incredible right now! If there ever was a time to take advantage of low interest rates, this is it. A 30 year fixed at under 5.5% is historic. Yes, this is incredibly GOOD NEWS!

Now we are somewhat lucky on the mountain because we don't have THAT many foreclosures and sub-prime loans. The larger picture in the country paints a different picture though. Tightening underwriting standards and a larger increase in homeowners who are "underwater" in their homes has presented a problem. About half of the people who need to take advantage of these low rates can't due to the standards and plummeting home values mostly in Arizona, California, Nevada and Florida.

How many are in this pickle? According to Zandi of Moody's Economy.com there are around 12 million homeowners in trouble. Step back to the end of 2007 and only 6.6 million were in trouble and at the end of 2006, only 3 million! Things happen quickly as we know.

To qualify for a $400,000 30 year fixed loan you would need a credit score of 680, a downpayment of 10% and a debt to income ratio of 45% or less. Jumbo rates are still high at around 8% interest per annum.

So, if your house hasn't dropped 40% in value recently and you have a good credit score and a job, you are in good shape and you may very well be able to take advantage of these incredible interest rates!

Price reductions on the mountain are coming in by the bushel full so call today to make that investment in rental property, primary homes or second homes!