Builder Toll Brothers is hoping to spur some interest in their homes via an ultra low mortgage rate of 3.99%
To qualify for this rate, buyers need:
• FICO credit score of 720 or higher;
• Down payment of 20% (with no PMI)
• Mortgages of $417,000 or less.
To give you an idea of how aggressive these rates are, Mortgages are at record lows. The 30-year fixed-rate mortgage is 4.96%, down from 5.69% a year ago. The WSJ reports this is the lowest since Freddie Mac began its survey in 1971.
Builder Offers 3.99% Rate on Mortgage
WSJ, JANUARY 21, 2009