Toll Brothers Builder Offers 3.99% Rate on Mortgage
Looking to jolt paralyzed buyers into action, builder Toll Brothers is offering a 3.99% fixed mortgage rate for 30 years, one of the lowest available.
Toll, based in Horsham, Pa., said the deal is for loans of $417,000 or less and carries no points for the buyer.
“We think we’re going to create some excitement in the marketplace,” said Don Salmon, president and chief executive of TBI Mortgage Co., Toll’s mortgage subsidiary.
Toll didn’t reveal its funding source, but said the lenders support the rock-bottom rate, which requires a credit score of 720 or higher and a down payment of 20% without private mortgage insurance.
Rates have plunged as the housing and financial crisis deepens. For the week ended Jan. 15, the 30-year fixed-rate mortgage slipped to an average 4.96% with an average 0.7 point, according to Freddie Mac.
The rate, which has fallen for 11 consecutive weeks and was 5.69% a year ago, is the lowest since Freddie Mac began its survey in 1971.
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