MORTGAGE RATES DROP TO LOWEST LEVELS ON THURSDAY / BUT PULL BACK ON FRIDAY
From Thursday July 28th to Thursday August 4th – mortgage interest rates improved every single day – pushing par 30 year fixed rates down to 4% on Thursday July 28th. The lower rates were all over the news, CNN, MSNBC, etc. And then Friday hit, the bond market dropped 100 basis points, and rates rose back up quite a bit.
If there is a lesson to be learned here it is this: You have to be prepared to lock your loan when the rates drop. Because when rates drop to their lowest levels, they are only there for a day or two.
In order for me to lock your loan – I need to have your credit and income to make sure you qualify for the loan. If you need a specific rate / costs to make a loan work for you – my suggestion is to get me your loan application and income so I can lock your loan if that pricing becomes available. (you can email me for a loan application – firstname.lastname@example.org) I only have until 4 pm Pacific to lock a loan. Pricing can change on a loan dramatically even one day later.
Rates are still great right now, but they were really great on Thursday. I expect rates to have a little more pull back next week as well.
Below are current rates and pricing for a well qualified borrower. I can go below these rates, but I do not quote rates that cost over a point to get.
30 year fixed: 4.25% paying .82 pts, 4.375% paying 0 pts
20 year fixed: 4% paying .9 pts , 4.25% paying 0 pts
15 year fixed: 3.375% paying .79 pts, 3.75% paying 0 pts
5/1 ARM: 2.875% paying .61 pts, 3.125% paying 0 pts
7/1 ARM: for 3.125% paying .83 pts, 3.5% paying 0 pts
30 year fixed FHA: 4% paying .9 points, 4.25% paying 0 points
15 year fixed FHA: 3.25% paying .73 pts, 3.5% paying 0 pts
30 year fixed VA: 4.25% paying 0 points, pricing rises over 1 pt below 4.25%
30 year fixed High Balance Loan: 4.375% paying .75 pts, 4.625% paying 0 pts.
Mortgage banker / Loan officer for Arizona, California, and Colorado. Mortgage Rate sheet – Fixed, ARM, Variable, Interest Only, High Balance Conforming, FHA, VA, Jumbo, HARP, etc.
TODAY’S MORTGAGE RATES – RATES DROP TO LOWEST LEVELS ON THURSDAY , BUT PULL BACK ON FRIDAY!!