MORTGAGE RATES IMPROVE:
November 7th, 2011
The bond market closed last week selling +116 bps up, pushing mortgage pricing and rates down for the second consecutive week. Even though October was a great month for stocks and a bad month for interest rates, the past couple weeks have seen rates improve. The US economy continues to show signs of improvement, but the weight on the market is the continuing European debt crisis. Many investors are still seeking the security of US treasuries, which is helping keep interest rates low at the present time.
The FED met last week and is taking a wait and see approach. They are not taking action at the present time and letting the market takes it’s course.
Currently rates are very close to the historic lows we saw in August 2011. This week is shaping up to be a relatively quiet week with a lack of significant financial data coming into the market. Of course with the happenings in Europe, things can change very quickly if new information comes out to stir up the market.
I am really encouraging borrowers to seriously look at ARM loans right now. 5/1 and 7/1 ARMs are pricing very good right now, and if you plan on selling in 5 or 7 years, these are great products that allow you to get the best rate/payment available on the market.
Below are rates available paying a point or less:
30 year fixed: 4% paying .83 points, 4.25% paying 0 points
20 year fixed: 3.75% paying 1 point, 4% paying 0 points
15 year fixed: 3.375% paying .63 points, 3.625% paying 0 points
5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points
7/1 ARM: 2.875% paying .69 points, 3.125% paying 0 points
30 year fixed High Balance Loan: 4.375% paying .75 points, 4.75% paying 0 points
30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points
15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points
30 year fixed VA: 3.75% paying 0 points
Today’s Mortgage Interest Rates. Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, and Jumbo Mortgages.
Mortgage Rates Improve Again – November 7th, 2011