INTEREST RATES DROP TO LOWEST LEVELS OF 2013
January 14th, 2012
Interest rates hit their lowest levels of 2013 on Monday.
Mortgages rates improved and recovered some of their losses over the last week. The Mortgage Backed Security market closed up (+ 6 bps) last week, and up (+ 13 bps) on Monday.
The improvement was mainly due to a pull back of what I consider to be an overreaction by the market to December’s Fed minutes.
There is quite a few retail and housing reports due out this week along with Congress continuing the debt ceiling debate.
My recommendation is to lock if you are currently considering a loan. The MBS market is bearish and many investors in mortgage backed securities aren’t making money due to the amount of repeat refinances.
Have a great week and please call me if you would like to get a quote or have any questions about qualifying for a new loan.
BEST VALUE OF THE WEEK:
30 Year Fixed at 3.5% with 0 points
30 year fixed: 3.375% paying .43 points, 3.5% paying 0 points, 3.625% – $0 costs
20 year fixed: 3.25% paying .77 points, 3.5% paying 0 points, 3.625% – $0 costs
15 year fixed: 2.75% paying .17 points, 2.875% paying 0 points, 2.99% – $0 costs
5/1 ARM: 2.25% paying 1 point, 2.625% paying 0 points, 2.875% – $0 costs
7/1 ARM: 2.5% paying .89 points, 2.75% paying 0 points, 3.125%- $0 costs
30 year fixed High Balance Loan: 3.5% paying .95 points; 3.75% paying 0 points; 3.875% – $0 costs
30 year fixed FHA: 3.25% – $0 costs
15 year fixed FHA: 2.75% – $0 costs
30 year fixed VA: 3.25% – $0 costs
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. 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 Drop to Lowest Levels of 2013