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Housing Market & Mortgage Rates

I recently attended a private presentation on the housing market by renowned Economist Dr Edward Leamer of the UCLA Anderson School of Management. His focus was on how the groundwork was established for the start of the decade long housing boom to the ultimate meltdown and the lessons learned. The “easy credit” and the market’s insatiable appetite for mortgage-backed securities fueled the boom that ultimately went bust. On the flip side, it is quite remarkable to currently be in an environment where home prices are at or near the bottom coupled with historically low interest rates . . . . the “perfect combination”. Like many experts, he foresees interest rates moving up this year but home values to remain depressed until early 2012. One key point he discussed was the rapid growth in the rental market increasing demand for Multi family housing (1- 4 units) and decreasing demand for single family housing

It is a good time to buy your first home or that investment property you have been considering (Get Pre-Approved it only takes minutes) or if you are thinking of refinancing your current loan….jump on it.

Interest rates ticked up this week on strong corporate earnings. Outlined below are today’s rates. We continue to expand our product offerings and recently added Super Jumbo products up to $20,000,000 including fixed interest only loans.

Current Conforming RatesPrimary residences only (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog

Loan Program

Monthly Pmyt

Rate

APR

Points

30YF

$1304

4.75%

4.79%

0

20YF

$1581

4.50%

4.62%

0

15YF

$1833

3.875%

3.92%

0

5/1 ARM

$1070

3.125%

3.25%

0

7/1 ARM

$1140

 3.625%

 3.69%

0

10/1 ARM

$1211

4.125%

 4.25%

0

FHA-30YF

$1248

4.375%

4.45%

0

FHA-15YF

$1833

3.875%

3.98%

0

 

Current High Balance Rates – (Pmyts based on a average loan amount of $550,000)

30YF

$2910

4.875%

4.92%

0

15YF

$4102

4.125%

4.25%

0

5/1 ARM

$2413

3.375%

3.50%

0

7/1 ARM

$2547

3.75%

3.87%

0

FHA-30YF

 $2786

4.50%

4.62%

0

We appreciate the opportunity to work with you on your next refinance or home purchase transaction.  Please use the Social Media buttons below to pass this along if you think we can help any of your close friends or family

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