MORTGAGE RATES RISE – FANNIE MAE PRICING INCREASES NOW IN EFFECT.
January 23rd, 2012
The MBS Market closed last week trading down (- 56 bps). The stock market was up for most of the week, which saw investors pull money out of bonds and into stocks – pushing mortgage pricing up.
If you have read my last few mortgage updates, I have said that Fannie Mae pricing hits were coming. In order for the US government to pay for unemployment taxes, Social Security, etc – they have increased Fannie Mae’s guaranteed fees. These fees are being charged to lenders which must pass them onto borrowers. This is increasing mortgage pricing by approximate .4 – .6 pts on each rate or approximately .125% higher on the rate for the same costs.
I am going out of town on Wednesday January 25th to Telluride, Colorado, for a nice quick vacation. If you would like to lock in pricing on a new loan, please contact me by Tuesday January 24th. I will be back on Monday, January 30th.
Below are rates available today paying a point or less:
30 year fixed: 3.99% paying .68 points, 4.125% paying 0 points
20 year fixed: 3.75% paying .73 points, 4% paying 0 points
15 year fixed: 3.25% paying .768 points, 3.5% paying 0 points
5/1 ARM: 2.25% paying 1 point, 2.75% paying 0 points
7/1 ARM: 2.75% paying .758 points, 3% paying 0 points
30 year fixed High Balance Loan: 4.125% paying .98 points, 4.375% paying 0 points
30 year fixed FHA: 3.75% paying 0 points
15 year fixed FHA: 3.25% paying .0 points
30 year fixed VA: 3.75% paying 0 points
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 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 Rise – Fannie Mae pricing increases now in effect.