If your loan amount is no more than 417,000 and you have a high chance of moving or selling your current house in five years, then you can get a very good rate for 5/1 ARM program. The first five years the rates will be fixed and it starts to float since the sixth year. The rate was as low as 3.875% for people with the best risk profile lately. Even though you do not fit the best risk profile, you are still likely to get it below 4.5% with no fee and no point.
If you are planning to keep you house for longer than five years or more risk averse, 15 year fixed rate could be your choice. It stays in the range of 4.375-4.5% lately with no fee and no point.
If either of the above programs fit your scenario, give me a call and I will find out what are other options for you.
Federal Reserve has announced that it is slowing down the pace to buy mortgages. Therefore, you may not see rates that low for too long. Catch it before it goes away!!