Another week , another rise in interest rates. This time rates haven’t risen, but pricing has. Last week you could get a 4.75% 30 year fixed with 0 or close to 0 points – that same loan now will cost about a point. Rates have now risen for 5 straight weeks – going up about .75% higher overall on fixed loans.
Many customers are turning to Adjustable Rate Mortgages instead to take advantage of the lower rates. These rates are still in the low to mid 3%’s – the most popular loans being 5/1 and 7/1 ARMS. These loans are fixed for 5 or 7 years and then adjust once year after the fixed portion. These are good for borrowers not planning on being in their home longer than the fixed period , or borrowers that have decent equity and could refinance 5 to 7 years down the road even if the housing market doesn’t go back up.
Remember – we are doing a lot of appraisal free loans for FANNIE MAE customers – check here to see if you are in a FANNIE MAE loan: http://www.fanniemae.com/loanlookup/.
We can also loan at up to 105% Loan to value on customers with existing FANNIE MAE or FREDDIE MAC loans. Check here to see if you are in a FREDDIE MAC loan: https://ww3.freddiemac.com/corporate/.
If you want to know how your loan prices, just send me the information below and I can put together a quote for you.
- Type of loan you want 30 year fixed, 15 year fixed, etc.:
- What are your objectives of loan: lower payment, cash out, lower term, etc.:
- State and Zip Code of Property:
- Loan Amount:
- Estimated Value of Home:
- Is this a cash out, purchase, or rate and term loan:
- Do you want to escrow your taxes and insurance into payment:
- Where are your credit scores:
- Phone number and best time to contact you:
Please call me if you have any questions regarding your eligibility for new loan programs. Have a great week!
