MORTGAGE RATES IMPROVE AGAIN – GREAT TIME TO LOCK!!
April 9th, 2012
The MBS Market closed last week trading (+78 bps.)
Wow, last week was a roller coaster. Early in the week, rates went up a ton. The market dropped with news that the FED would unlikely do a new round of buying mortgage backed securities, which helps keep demand for mortgage backed securities high, and mortgage rates low.
On Friday, the jobs report came out and did not meet most economists’ expectations. This pushed rates way down on Friday, with a 75 bps swing.
Overall pricing on mortgages changed over a point on a particular rate within 3 days.
The week ended with better mortgage rates but the market is very volatile right now. All mortgage pricing is really good right now. I would recommend locking as who knows how long these prices will last.
Below are rates available today paying a point or less:
30 year fixed: 3.875% paying .58 points, 4% paying 0 points
20 year fixed: 3.5% paying 1 point, 3.875% paying 0 points
15 year fixed: 3% paying .58 point, 3.25% paying 0 points
5/1 ARM: 2.5% paying .8 points, 2.875% paying 0 points
7/1 ARM: 2.75% paying .78 points, 3% paying 0 points
30 year fixed High Balance Loan: 4% paying .43 points, 4.125% paying 0 points
30 year fixed FHA: 3.75% paying 0 points
15 year fixed FHA: 3% paying .8 points, 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, 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 Improve – Great time to lock!!