FIXED INTEREST RATES CLOSE WEEK AT MULTI-MONTH HIGH – ARMS STILL PRICING GREAT.
March 10th, 2013
Interest rates rose every day last week – and the rate markets look increasingly bearish moving forward.
The Mortgage Backed Security market closed last week (-85 bps). The week was capped by a better than expected February unemployment report with unemployment dropping from 7.9% to 7.7%. Non farm jobs increased 236,000 and private jobs increased 246,000.
The stock markets are up in the US, Europe and Asia. Though the stock market seems prime for a pullback, the biggest concern to interest rates going forward is if the FED decides to stop purchasing mortgage backed securities sooner than expected. The more positive news coming out – the increasing likelihood that the FED will eventually stop keeping interest rates artificially low.
Although fixed rates have went up, ARM rates are still pricing great. I think a 7/1 ARM is a great product, and something to consider in this market. The rate doesn’t adjust for 7 years, and the rate can never go 5% above the start rate – and it is unlikely the rate would go that high.
We could see some improvement in interest rates this week, but the long term outlook still looks bleak. I recommend locking rates on any improvement in the rate markets this week.
I am going to Moab, Utah for a half marathon on Wednesday. If you would like to get approved or lock in a loan this week, please try to get a hold of me early in the week.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.75% paying 0 points
30 year fixed: 3.75% paying .39 points, 3.875% paying 0 points, 4.125% – $0 costs
20 year fixed: 3.625% paying .71 points, 3.75% paying 0 points, 4% – $0 costs
15 year fixed: 2.875% paying .75 points, 3% paying 0 points, 3.375% – $0 costs
5/1 ARM: 2.25% paying .98 points, 2.5% paying 0 points, 2.875% – $0 costs
7/1 ARM: 2.5% paying .95 points, 2.75% paying 0 points, 3.125%- $0 costs
30 year fixed High Balance Loan: 3.875% paying .9 points; 4.125% paying 0 points; 4.25% – $0 costs
30 year fixed FHA: 3.25% paying .33 points, 3.5% – $0 costs
15 year fixed FHA: 2.75% paying 0 points, 3.125% – $0 costs
30 year fixed VA: 3.25% paying 0 points, 3.5% – $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.
FIXED INTEREST RATES CLOSE WEEK AT MULTI-MONTH HIGH – ARMS STILL PRICING GREAT