Last week was a wild week. 30 year fixed interest rates went from 4.75% to 5.25% in two days of massive mortgage bond selloffs. Then on Thursday and Friday the bond market rebounded in a big way, bring rates back to where they started on Monday. 30 Year Fixed Conforming Par rates currently sit at 4.75% , 15 Year Fixed at 4.25% , 5/1 ARMs at 3.375%.
I often get asked if rates will go back down. Every analyst / expert I read basically says the same things. Rates could go a little lower, but we will not see rates back down to 4% again. The low was hit and is gone. One thing to keep in mind is this quarter saw a lot of economic reports that exceeded what Wall Street expected. When the stock market is going up / rates are usually also going up. Investors are taking their money out of safe treasury bonds and putting them into the riskier stock market. If the recovery in the stock market and economy continues – rates will continue to go 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 and have a great week!!
