March 5th, 2012

The MBS Market closed last week trading up (+6 bps).   Although the market ended the week very close to how it began, there were major swings during the week.

The week began with small improvements on Monday and Tuesday.  On Wednesday, Ben Bernanke made a speech were he stated that the FEDERAL RESERVE would not start a new plan for purchasing mortgage backed securities, pushing demand up and rates down. 

Interest rates immediately took a nose dive, the mortgage backed securities market lowered – 60 bps over 3 days.  The market did recover some Friday, pushing the mbs market positive for the week.

Interest rates go up faster than they go down.  So even though the mbs market ended the week higher, many of the long term fixed rates went slightly up in price.  That being said, Over 417k High Balance Loans are actually pricing better, so are ARM and FHA loans.  So some loans are pricing better, and some are pricing worse. 

My long term outlook is that rates have likely hit their lows, but if they do go up, they will not likely go up much for the foreseeable future. 

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .89 points, 4.125% paying 0 points

20 year fixed: 3.75% paying .63 points, 3.99% paying 0 points

15 year fixed: 3% paying .91 points, 3.375% paying 0 points

5/1 ARM: 2.5% paying .97 points, 3% paying 0 points

7/1 ARM: 2.875% paying .68 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying .31 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.75% paying .867 points, 3% 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, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

Mortgage Rates See Saw Back and Forth – March 2012