INTEREST RATES IMPROVE – JUST KIDDING!!
June 10th, 2013
Last week was a volatile week for interest rates. Rates started the week much higher, then rebounded some on Wednesday and Thursday. Friday’s May unemployment report saw rates push higher again. The mortgage backed security market closed the week -44 bps, the 6th consecutive week the MBS market has closed down and rates have risen.
The employment report saw unemployment rise from 7.5% to 7.6%, and private jobs up 135k versus a forecast of 170k. The markets took this news as positive as some expected worse numbers after preliminary reports from other sources. The stock market shot up and rates worsened again.
The long term outlook is that the previous 30 year fixed rates many have become accustomed to are likely gone forever. The markets are still concerned about the FED’s eventual exit from the MBS market and based upon their comments – the end is coming.
This week will likely be uneventful with very little important economic reports on tap. The FOMC will meet next Wednesday.
My recommendation is for customers thinking about shortening their term to a 15 year fixed – I would do that now while the 15 year fixed rates are still very low. I also recommend more customers look into ARM loans if you need to lower your payment.
Make it a great week!!
BEST VALUE OF THE WEEK:
7/1 ARM at 2.875% paying 0 points
TODAY’S RATES:
30 year fixed: 4% paying .46 points, 4.125% paying 0 points, 4.25% – $0 costs
20 year fixed: 3.625% paying .90 points, 3.875% paying 0 points, 4.125% – $0 costs
15 year fixed: 3.125% paying .83 points, 3.375% paying 0 points, 3.625% – $0 costs
5/1 ARM: 2.5% paying .7 points, 2.75% paying 0 points, 3.25% – $0 costs
7/1 ARM: 2.625% paying .99 points, 2.875% paying 0 points, 3.375%- $0 costs
10/1 ARM: 3.375% paying .95 points, 3.75% paying 0 points, 4.375% – $0 costs
30 year fixed FHA: 3.375% paying .89 points, 3.625% paying 0 points, 3.75% – $0 costs
15 year fixed FHA: 3% paying .44 points, 3.25% – $0 costs
30 year fixed VA: 3.5% 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 IMPROVE – JUST KIDDING!!
