HAPPY HALLOWEEN : MORTGAGE RATES IMPROVE:
October 31st, 2011
Mortgage rates closed last week the same as they opened – no movement up or down. Halloween marked a far different story. On Halloween, the bond markets traded + 84 bps – pushing mortgage rates and pricing significantly lower.
The long term outlook still indicates a bearish market where rates look likely to rise. Most experts recommend locking in pricing on any days with improvement.
Below are rates available today paying a point or less:
30 year fixed: 4% paying 1 point, 4.25% paying 0 points
20 year fixed: 3.75% paying 1 point, 4% paying 0 points
15 year fixed: 3.375% paying .85 points, 3.75% paying 0 points
5/1 ARM: 2.5% paying .87 points; 2.875% paying 0 points
7/1 ARM: 2.875% paying .91 points, 3.125% paying 0 points
30 year fixed High Balance Loan: 4.375% paying .69 points, 4.625% paying 0 points
30 year fixed FHA: 3.75% paying .65 points, 3.99% paying 0 points
15 year fixed FHA: 3.375% paying 1 point, 3.75% paying 0 points
30 year fixed VA: 3.75% paying 0 points
Mortgage Rates Improve With Halloween Bond Rally
