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Mortgage Rates On The Move

As is often the case, good economic news translates to interest rate increases. An upbeat market decreases the demand for less risky investments such bonds which, in turn, drives up the yield on mortgage rates. Declining unemployment (8.3% nationwide) and the future meeting of political leaders to draft a bailout package for Greece appear to be the two main reasons why the stock market and interest rates have been on the rise since last Friday.

In other news Bank of America announced that its can’t Process all refinance applications and is limiting the number of applications it accepts over the phone, telling borrowers they may have to wait 60 to 90 days before their loan application can be processed. Our underwriting turntimes are 24 -48 hours, give us a call if you are still thinking of refinancing or are looking at purchasing a home or investment property, We will provide you a no obligation free quote. Chances are if you are working with a retail loan officer, the rates offered are much higher than what we can offer.

What Worries Americans The Most… (according to a recent Gallup survey)

  1. Jobs/unemployment: 26%
  2. National debt/Federal budget deficit: 16%
  3. Continuing economic decline/economic instability: 10%
  4. Outsourcing of jobs overseas/creating jobs in U.S.: 6%
  5. Obama not doing a good job/no plan/lack of leadership: 5%
Current Conforming Rates (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog on our website
Loan Program
Monthly Pmyt
Rate
APR
Points
30YF
$1175
3.875%
4.00%
0
20YF
$1466
3.625%
3.87%
0
10YF
$2442
3.25%
3.92%
0
15YF
$1741
3.125%
3.92%
0
5/1 ARM
$1004
2.625%
3.12%
0
7/1 ARM
$1037
2.875%
3.37%
0
FHA-30YF
$1157
3.75%
3.98%
0
FHA-15YF
$1756
3.25%
3.87%
0

Current High Balance Rates – Max Loan Amount $625,500 (Pmyts based on a avg loan amount of $550,000)
30YF
$2941
3.875%
4.00%
0
15YF
$4433
3.375%
3.87%
0
5/1 ARM
$2637
3.00%
3.12%
0
7/1 ARM
$2679
3.125%
3.37%
0
10/1 ARM
$2765
3.375%
3.87%
0
FHA-30YF
$2547
3.75%
4.00%
0


Disclosure:
These are our current conforming and High Balance rates based on primary residences only, your actual rate could be higher depending on several "Risk Factors" such as credit score, LTV, Cash-out, Investment prop, 2nd home, zero cost etc. Please call us for an accurate custom quote including jumbo loans up to $2 million and beyond

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

SERVICE GUARANTEE:
WE GUARANTEE A SMOOTH LOAN ORIGINATION PROCESS OR WE WILL REFUND UP TO $495 OF YOUR CLOSING COSTS

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