MORTGAGE PRICING RISES / BERNANKE SPEAKS:
Another wild week in the mortgage markets done and likely a new one beginning. The bond market closed last week (-50 bps) down, pushing mortgage rates and pricing higher. Luckily we had a late week rally, which reversed some of the damage done earlier in the week.
The FED reserve board chief, Ben Bernanke, spoke on Friday – stating that we are no longer in a recession, but the US economy is growing slower than expected. He stated that the FED would not utilize any more of it’s tools to stimulate the economy right now, but did not rule out the possibility of using them in the future.
Unless the market takes a big turn for the worse, or the FED prints more money to buy bonds – mortgage rates have likely reached the lowest levels they will go.
30 year fixed: 4.125% paying 1 point, 4.375% paying 0 points
20 year fixed: 3.875% paying .75 points , 4.125% paying 0 points
15 year fixed: 3.375% paying .6 points, 3.625% paying 0 points
5/1 ARM: 2.75% paying .45 points, 3% paying 0 points
7/1 ARM: 3% paying .9 points, 3.375% paying 0 points
30 year fixed FHA: 3.75% paying .95 points, 4% paying 0 points
15 year fixed FHA: 3.25% paying .1 points, 3.375% paying 0 points
30 year fixed VA: 3.75% paying .8 points, 3.99% paying 0 points
30 year fixed High Balance Loan: 4.375% paying .33 points, 4.5% paying 0 points
Today’s Interest Rates – mortgage pricing rises, Ben Bernanke speaks
