I got an e-mail from my friend, Mickey Carlton this week. He has a mortgage brokerage, and this is his update from Tuesday:
"Last week's address by the Fed chairman to the joint banking committee had a positive effect on interest rates. Thirty year fixed mortgages can be obtained for 6.125% to 6.5% (no discount points) depending upon loan size and the creditworthiness of the borrower....more and more borrowers are selecting interest only loans that provide for lower mortgage payments and therefore greater cash flow. Borrowers use the cash flow for other investment purposes. The interest only option is just that, an option. The borrower is free to pay down the principle at any time if his or her investment or income circumstances change."
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