INTEREST RATES CONTINUE UPWARD TREND
May 19th, 2013
The Mortgage Backed Security market closed last week trading down -59 bps. Interest rates continued to rapidly move higher after hitting their 2013 lows just over 2 weeks ago.
The MBS market now has a lower 20 day and 40 day average than it’s 100 day average. The stock market’s key indexes keep going higher even though economic reports aren’t showing much economic improvement. Japan’s plan to weaken it’s currency is also working against the US Bond market.
The simple truth is there is just not a lot of appetite for mortgage backed securities and we could continue to see more sell off with investors cutting their losses.
Even though fixed rates have moved higher, ARM loans don’t follow the market trends as much as fixed loans. You can still get a great ARM rate in the low to mid 2%’s if you are comfortable with a rate that is fixed for 5,7, or 10 years.
This week, Ben Bernanke will be testifying at the Joint Economic Committee and the FED minutes will be released on Wednesday. Both events usually trigger movement in the interest rate markets. The markets will likely slow down near the end of the week due to Memorial Day weekend.
Have a great Memorial Day and make it a great week!!
BEST VALUE OF THE WEEK:
5/1 ARM at 2.5% paying 0 points
TODAY’S RATES:
30 year fixed: 3.5% paying 1 point, 3.75% paying 0 points, 3.875% – $0 costs
20 year fixed: 3.5% paying .34 points, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed: 2.625% paying .95 points, 2.875% paying 0 points, 3% – $0 costs
5/1 ARM: 2.25% paying .62 points, 2.5% paying 0 points, 2.75% – $0 costs
7/1 ARM: 2.5% paying .65 points, 2.75% paying 0 points, 3%- $0 costs
30 year fixed High Balance Loan: 3.75% paying .70 points; 4% 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.
INTEREST RATES CONTINUE UPWARD TREND
