INTEREST RATES GOING UP QUICKLY!!
May 15th, 2013
Interest rates are moving up quickly all around the world. Rates have moved higher every day since the release of the April employment report. The mortgage backed security market closed last week trading down -94 bps and this week is trading down -59 bps.
I hinted at this in my last weekly update – I think that May will be a bad month for interest rates. Investors will not buy mortgage backed securities aggressively after getting burned on the April employment report.
The overall sentiment in the bond market is to sell. This likely won’t change without a Fed statement reaffirming continued mortgage backed security purchases, a worse than expected May employment report, or some other major event.
It’s important to keep things in perspective. Rates are still unbelievably low – they are just a bit higher than the past few weeks. This massive move in the markets has only moved interest rates .125% to .25% higher.
The world is not coming to end, but I would definitely recommend locking in your rate as soon as possible.
Make it a great week!!
BEST VALUE OF THE WEEK:
15 Year Fixed at 2.875% paying 0 points
30 year fixed: 3.5% paying 1 point, 3.75% paying 0 points, 3.875% – $0 costs
20 year fixed: 3.375% paying 1 point, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed: 2.625% paying .78 points, 2.875% paying 0 points, 3% – $0 costs
5/1 ARM: 2.25% paying .65 points, 2.5% paying 0 points, 2.75% – $0 costs
7/1 ARM: 2.5% paying .71 points, 2.75% paying 0 points, 3%- $0 costs
30 year fixed High Balance Loan: 3.75% paying .59 points; 3.875% paying 0 points, 4.25% – $0 costs
30 year fixed FHA: 3.25% – $0 costs
15 year fixed FHA: 2.75% paying 0 points, 3% – $0 costs
30 year fixed VA: 3.25% paying 0 points, 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.