Rates Improve Everyday Last week – 30 Year Fixed at 4.75%

PRICING IMPROVES:       The bond market finished this week 97 points up – improving every single day. This has pushed 30 year fixed par rates down to 4.75% , and you can usually get a 4.875% with 0 points.  15 Year Fixed are still pricing better on an FHA product than a conforming product.  I can get an FHA 15 year fixed starting at 3.75%, though the 4.25% with 0 costs I feel is the best deal.  Great rates right now!!

APPRAISAL WAIVER:     If your current loan is backed by Fannie Mae (you can check here: http://www.fanniemae.com/loanlookup/) and you have a decent amount of equity , we are often able to do your loan with no appraisal and no out of pocket costs.  Check it out!!

LOAN OFFICER COMPENSATIONRemember that new federally regulated loan officer compensation rule is going into effect April 1st, 2011.  You may feel this will not affect you, but I assure you it will.  Less options will be available once this comes down – you will most likely have 2 options – pay a large amount of closing costs to do a loan, or take a much higher rate and pay nothing.  There will not be a lot of in between options.