INTEREST RATES CONTINUE UPWARD CLIMB / ARMS STILL IN THE 2%’s
June 3rd, 2013
Last week was yet another tough week for interest rates as they continue their climb to their highest levels in over a year. The MBS market closed last week trading down – 103 bps.
Each time you see a small rally in the bond market, investors unload and the market continues it’s downward spiral. It’s not uncommon to see the bond market higher in the morning and drop over 50 bps in an hour or two. There is simply not an appetite for mortgage backed securities right now.
The trend of interest rates rising will likely continue unless some economic event worries investors enough to seek safety in mortgage backed securities and US treasuries. Expect heavy volatility to remain the norm.
On Friday, the May unemployment report will be released. Remember that April’s unemployment report and revision to March’s numbers started rates moving higher after hitting very low levels at the beginning of May.
ARM loans continue to be very attractive options as rates on ARM loans don’t move as much with the market as fixed loans do. The most popular ARM loans are fixed for 5,7, or 10 years before they adjust and the adjustments are capped. They are a good option to consider if you missed the boat on refinancing to a low fixed rate.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.75% paying 0 points
TODAY’S RATES:
30 year fixed: 4% paying .66 points, 4.125% paying 0 points, 4.25% – $0 costs
20 year fixed: 3.625% paying .77 points, 3.75% paying 0 points, 4.125% – $0 costs
15 year fixed: 3.125% paying .66 points, 3.375% paying 0 points, 3.5% – $0 costs
5/1 ARM: 2.375% paying .99 points, 2.75% paying 0 points, 3.25% – $0 costs
7/1 ARM: 2.625% paying .91 points, 2.875% paying 0 points, 3.25%- $0 costs
30 year fixed High Balance Loan: 4.125% paying .86 points, 4.375% paying 0 points, 4.5% – $0 costs
30 year fixed FHA: 3.375% paying .66 points, 3.5% paying 0 points, 3.75% – $0 costs
15 year fixed FHA: 2.875% paying .99 points, 3.25% – $0 costs
30 year fixed VA: 3.375% paying .99 points, 3.75%- $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 CLIMB / ARMS STILL IN THE 2%’s
