INTEREST RATES FINALLY IMPROVE – LOWEST RATES THIS MONTH
INTEREST RATES FINALLY IMPROVE - LOWEST RATES THIS MONTH
June 17th, 2013
After 6 straight weeks of interest rates moving higher, interest rates finally showed some improvement last week. The Mortgage Backed Security market closed the week trading up + 36 bps.
This is a huge week for interest rates as the Federal Open Market Committee (FOMC) will meet and release a statement on Wednesday followed by a Ben Bernanke press conference. Ben Bernanke’s last statements caused rates to rise .5% very quickly. It’s amazing how much power the markets put into any hint of what the FED may do.
There is speculation both ways on what the statement and press conference may reveal. Some predict that the FED may confirm it will not taper off the bond purchasing program. I don’t think Bernanke knew his last statement would cause such a panic sell off in the bond markets. This along with the unemployment rate still being high and the economy not improving as much as the FED would like could cause this response.
On the other hand there is speculation that the FED will confirm that it will taper off the bond purchasing program, which has been hinted at for some time.
Either way, expect a very volatile rate market after Wednesday. The news on Wednesday will likely give us direction on where long term interest rates are headed.
Make it a great week!!
BEST VALUE OF THE WEEK:
15 Year Fixed at 3.25% – 0 points
TODAY’S RATES:
30 year fixed: 3.875% – .82 points, 4% – 0 points, 4.25% – $0 costs
20 year fixed: 3.625% – .27 points, 3.75% – 0 points, 3.875% – $0 costs
15 year fixed: 3% – .74 points, 3.25% – 0 points, 3.5% – $0 costs
5/1 ARM: 2.5% – .67 points, 2.75% – 0 points, 3.25% – $0 costs
7/1 ARM: 2.75% – .59 points, 3% – 0 points, 3.375%- $0 costs
10/1 ARM: 3.375% – .86 points, 3.75% – 0 points
30 year fixed FHA: 3.25% – .9 points, 3.5% – 0 points, 3.625% – $0 costs
15 year fixed FHA: 2.75% – .89 points, 3% – 0 points, 3.25% – $0 costs
30 year fixed VA: 3.375% – .66 points, 3.625% paying 0 points, 3.75%- $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
INTEREST RATES FINALLY IMPROVE - LOWEST RATES THIS MONTH
INTEREST RATES IMPROVE – JUST KIDDING!!
INTEREST RATES IMPROVE – JUST KIDDING!!
June 10th, 2013
Last week was a volatile week for interest rates. Rates started the week much higher, then rebounded some on Wednesday and Thursday. Friday’s May unemployment report saw rates push higher again. The mortgage backed security market closed the week -44 bps, the 6th consecutive week the MBS market has closed down and rates have risen.
The employment report saw unemployment rise from 7.5% to 7.6%, and private jobs up 135k versus a forecast of 170k. The markets took this news as positive as some expected worse numbers after preliminary reports from other sources. The stock market shot up and rates worsened again.
The long term outlook is that the previous 30 year fixed rates many have become accustomed to are likely gone forever. The markets are still concerned about the FED’s eventual exit from the MBS market and based upon their comments – the end is coming.
This week will likely be uneventful with very little important economic reports on tap. The FOMC will meet next Wednesday.
My recommendation is for customers thinking about shortening their term to a 15 year fixed – I would do that now while the 15 year fixed rates are still very low. I also recommend more customers look into ARM loans if you need to lower your payment.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.875% paying 0 points
TODAY’S RATES:
30 year fixed: 4% paying .46 points, 4.125% paying 0 points, 4.25% – $0 costs
20 year fixed: 3.625% paying .90 points, 3.875% paying 0 points, 4.125% – $0 costs
15 year fixed: 3.125% paying .83 points, 3.375% paying 0 points, 3.625% – $0 costs
5/1 ARM: 2.5% paying .7 points, 2.75% paying 0 points, 3.25% – $0 costs
7/1 ARM: 2.625% paying .99 points, 2.875% paying 0 points, 3.375%- $0 costs
10/1 ARM: 3.375% paying .95 points, 3.75% paying 0 points, 4.375% – $0 costs
30 year fixed FHA: 3.375% paying .89 points, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed FHA: 3% paying .44 points, 3.25% – $0 costs
30 year fixed VA: 3.5% paying .99 points, 3.75%- $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
INTEREST RATES IMPROVE – JUST KIDDING!!
INTEREST RATES CONTINUE UPWARD CLIMB / ARMS STILL IN THE 2%’s
INTEREST RATES CONTINUE UPWARD CLIMB / ARMS STILL IN THE 2%’s
June 3rd, 2013
Last week was yet another tough week for interest rates as they continue their climb to their highest levels in over a year. The MBS market closed last week trading down – 103 bps.
Each time you see a small rally in the bond market, investors unload and the market continues it’s downward spiral. It’s not uncommon to see the bond market higher in the morning and drop over 50 bps in an hour or two. There is simply not an appetite for mortgage backed securities right now.
The trend of interest rates rising will likely continue unless some economic event worries investors enough to seek safety in mortgage backed securities and US treasuries. Expect heavy volatility to remain the norm.
On Friday, the May unemployment report will be released. Remember that April’s unemployment report and revision to March’s numbers started rates moving higher after hitting very low levels at the beginning of May.
ARM loans continue to be very attractive options as rates on ARM loans don’t move as much with the market as fixed loans do. The most popular ARM loans are fixed for 5,7, or 10 years before they adjust and the adjustments are capped. They are a good option to consider if you missed the boat on refinancing to a low fixed rate.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.75% paying 0 points
TODAY’S RATES:
30 year fixed: 4% paying .66 points, 4.125% paying 0 points, 4.25% – $0 costs
20 year fixed: 3.625% paying .77 points, 3.75% paying 0 points, 4.125% – $0 costs
15 year fixed: 3.125% paying .66 points, 3.375% paying 0 points, 3.5% – $0 costs
5/1 ARM: 2.375% paying .99 points, 2.75% paying 0 points, 3.25% – $0 costs
7/1 ARM: 2.625% paying .91 points, 2.875% paying 0 points, 3.25%- $0 costs
30 year fixed High Balance Loan: 4.125% paying .86 points, 4.375% paying 0 points, 4.5% – $0 costs
30 year fixed FHA: 3.375% paying .66 points, 3.5% paying 0 points, 3.75% – $0 costs
15 year fixed FHA: 2.875% paying .99 points, 3.25% – $0 costs
30 year fixed VA: 3.375% paying .99 points, 3.75%- $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
INTEREST RATES CONTINUE UPWARD CLIMB / ARMS STILL IN THE 2%’s
BERNANKE’S COMMENTS CAUSE INTEREST RATES TO HEAD EVEN HIGHER
BERNANKE’S COMMENTS CAUSE INTEREST RATES TO HEAD EVEN HIGHER
May 27th, 2013
On Wednesday, Bernanke publicly testified to the Joint Economic Committee that the Fed could ease it’s monetary assistance with the bond market in the next 3 to 4 FOMC meetings. These simple comments caused one of the largest one day rate hikes I have ever seen.
The Mortgage Backed security market closed Wednesday trading down – 98 bps and closed the week trading down -86 bps. I have warned about this in past updates. When the FED leaves the mortgage backed security market, rates will rise quickly. The FED indicating they may do so soon causes the same reaction.
This continues the terrible month of May for interest rates. There is panic selling in the Mortgage Backed Security market and investors are cutting their losses. Expect high volatility moving forward.
The May unemployment report coming out next Friday could fuel interest rates to rise even more or help them pull down a little bit. Either way, if the FED is indicating they will leave the MBS market, you won’t see rates hit the previous lows may have become accustomed to.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.75% paying 0 points
TODAY’S RATES:
30 year fixed: 3.75% paying .36 points, 3.875% paying 0 points, 4% – $0 costs
20 year fixed: 3.5% paying .99 points, 3.75% paying 0 points, 3.875% – $0 costs
15 year fixed: 2.875% paying .74 points, 3% paying 0 points, 3.25% – $0 costs
5/1 ARM: 2.25% paying .76 points, 2.5% paying 0 points, 2.75% – $0 costs
7/1 ARM: 2.5% paying .89 points, 2.75% paying 0 points, 3%- $0 costs
30 year fixed High Balance Loan: 3.875% paying .81 points, 4.125% paying 0 points, 4.25% – $0 costs
30 year fixed FHA: 3.25% paying .37 points, 3.375% paying 0 points, 3.5% – $0 costs
15 year fixed FHA: 2.75% paying .89 points, 3% paying 0 points, 3.25% – $0 costs
30 year fixed VA: 3.25% paying .28 points, 3.375% paying 0 points, 3.625%- $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
BERNANKE’S COMMENTS CAUSE INTEREST RATES TO HEAD EVEN HIGHER
INTEREST RATES CONTINUE UPWARD TREND
INTEREST RATES CONTINUE UPWARD TREND
May 19th, 2013
The Mortgage Backed Security market closed last week trading down -59 bps. Interest rates continued to rapidly move higher after hitting their 2013 lows just over 2 weeks ago.
The MBS market now has a lower 20 day and 40 day average than it’s 100 day average. The stock market’s key indexes keep going higher even though economic reports aren’t showing much economic improvement. Japan’s plan to weaken it’s currency is also working against the US Bond market.
The simple truth is there is just not a lot of appetite for mortgage backed securities and we could continue to see more sell off with investors cutting their losses.
Even though fixed rates have moved higher, ARM loans don’t follow the market trends as much as fixed loans. You can still get a great ARM rate in the low to mid 2%’s if you are comfortable with a rate that is fixed for 5,7, or 10 years.
This week, Ben Bernanke will be testifying at the Joint Economic Committee and the FED minutes will be released on Wednesday. Both events usually trigger movement in the interest rate markets. The markets will likely slow down near the end of the week due to Memorial Day weekend.
Have a great Memorial Day and make it a great week!!
BEST VALUE OF THE WEEK:
5/1 ARM at 2.5% paying 0 points
TODAY’S RATES:
30 year fixed: 3.5% paying 1 point, 3.75% paying 0 points, 3.875% – $0 costs
20 year fixed: 3.5% paying .34 points, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed: 2.625% paying .95 points, 2.875% paying 0 points, 3% – $0 costs
5/1 ARM: 2.25% paying .62 points, 2.5% paying 0 points, 2.75% – $0 costs
7/1 ARM: 2.5% paying .65 points, 2.75% paying 0 points, 3%- $0 costs
30 year fixed High Balance Loan: 3.75% paying .70 points; 4% paying 0 points, 4.25% – $0 costs
30 year fixed FHA: 3.25% – $0 costs
15 year fixed FHA: 2.75% paying 0 points, 3% – $0 costs
30 year fixed VA: 3.25% paying 0 points, 3.25% – $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
INTEREST RATES CONTINUE UPWARD TREND
INTEREST RATES GOING UP QUICKLY!!
INTEREST RATES GOING UP QUICKLY!!
May 15th, 2013
Interest rates are moving up quickly all around the world. Rates have moved higher every day since the release of the April employment report. The mortgage backed security market closed last week trading down -94 bps and this week is trading down -59 bps.
I hinted at this in my last weekly update – I think that May will be a bad month for interest rates. Investors will not buy mortgage backed securities aggressively after getting burned on the April employment report.
The overall sentiment in the bond market is to sell. This likely won’t change without a Fed statement reaffirming continued mortgage backed security purchases, a worse than expected May employment report, or some other major event.
It’s important to keep things in perspective. Rates are still unbelievably low – they are just a bit higher than the past few weeks. This massive move in the markets has only moved interest rates .125% to .25% higher.
The world is not coming to end, but I would definitely recommend locking in your rate as soon as possible.
Make it a great week!!
BEST VALUE OF THE WEEK:
15 Year Fixed at 2.875% paying 0 points
TODAY’S RATES:
30 year fixed: 3.5% paying 1 point, 3.75% paying 0 points, 3.875% – $0 costs
20 year fixed: 3.375% paying 1 point, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed: 2.625% paying .78 points, 2.875% paying 0 points, 3% – $0 costs
5/1 ARM: 2.25% paying .65 points, 2.5% paying 0 points, 2.75% – $0 costs
7/1 ARM: 2.5% paying .71 points, 2.75% paying 0 points, 3%- $0 costs
30 year fixed High Balance Loan: 3.75% paying .59 points; 3.875% paying 0 points, 4.25% – $0 costs
30 year fixed FHA: 3.25% – $0 costs
15 year fixed FHA: 2.75% paying 0 points, 3% – $0 costs
30 year fixed VA: 3.25% paying 0 points, 3.25% – $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
MORTGAGE RATES MOVE HIGHER WITH APRIL EMPLOYMENT REPORT
MORTGAGE RATES MOVE HIGHER WITH APRIL EMPLOYMENT REPORT
May 6th, 2013
Interest rates have steadily moved lower for the majority of April. Most economic reports were down and most investors didn’t expect an improved April employment report. When the report was released, the market’s response was immediate.
The stock markets soared and the mortgage backed security market ended the day trading down (– 61 bps).
The unemployment rate dropped to 7.5% and there were also revisions to the March report showing 50k more jobs than previously reported. Whenever there is increased economic optimism, there will be talk of the FED exiting their mortgage backed security purchasing plan. Whenever this happens, prepare for interest rates to jump quickly and much higher than the recent jumps.
My outlook in May is that you won’t see rates drop and mortgage backed securities being bought as aggressively as April. There will be caution that there could be another higher than expected employment report for May.
Rates are still great – my recommendation is to lock as I think rates will likely rise in May.
Make it a great week!!
BEST VALUE OF THE WEEK:
30 Year Fixed at 3.625% paying 0 costs
TODAY’S RATES:
30 year fixed: 3.375% paying .74 points, 3.5% paying 0 points, 3.625% – $0 costs
20 year fixed: 3.125% paying 1 point, 3.5% paying 0 points, 3.625% – $0 costs
15 year fixed: 2.5% paying .6 points, 2.75% paying 0 points, 2.875% – $0 costs
5/1 ARM: 2.125% paying .97 points, 2.375% paying 0 points, 2.625% – $0 costs
7/1 ARM: 2.375% paying .75 points, 2.625% paying 0 points, 2.75%- $0 costs
30 year fixed High Balance Loan: 3.625% paying .52 points; 3.75% paying 0 points, 3.875% – $0 costs
30 year fixed FHA: 3% paying .99 points; 3.25% – $0 costs
15 year fixed FHA: 2.5% paying .91 points, 2.75% paying 0 points, 2.875% – $0 costs
30 year fixed VA: 3.25% – $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.
MORTGAGE RATES MOVE HIGHER WITH APRIL EMPLOYMENT REPORT
