May 7th, 2012

The MBS Market closed last week trading up (+31 bps.)    

Even though the market continues to move higher, rates have hit a bit of a stand still.  There usually comes a point where lenders are unwilling to keep going lower on the pricing – and it appears we have hit that at least for the time being.

With the mortgage backed security market improvement – mortgage rates should price about .25% better on costs, but those gains are not being passed on. 

On the bright side, rates are right in line with their lowest levels ever.  With increased concerns regarding Europe and the US Economy, they may stay here for a while.

The best values I am seeing on the market right now are a 30 Year Fixed at 3.99% at $0 costs, and a 2.875% 7/1 ARM at 0 points.   From the eyes of a consumer, those are products I would be strongly considering.    

Below are rates available today paying a point or less:

30 year fixed: 3.625% paying 1 point, 3.875% paying 0 points

20 year fixed: 3.5% paying .56 points, 3.75% paying 0 points

15 year fixed: 2.875% paying .87 points, 3.125% paying 0 points

5/1 ARM: 2.375% paying .9 points, 2.75% paying 0 points

7/1 ARM: 2.625% paying 1 point, 2.75% paying 0 points

30 year fixed High Balance Loan: 4% paying .37 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .7 points, 3.125% 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.

Interest Rates Hit Bottom