TODAY’S INTEREST RATES / NEW .5% DOWN PAYMENT PROGRAM
January 6th, 2014
I hope everyone had a happy and safe New Years!!
Interest rates didn’t move much last week with the majority of traders on vacation. The MBS market closed + 18 bps, so mortgage pricing improved slightly.
On Friday, the December employment report will be released. More positive gains in employment will result in rates continuing their march higher.
My recommendation is still to lock as rates will likely continue to rise.
Have a great week!!
.5% DOWN PAYMENT PROGRAM – AVAILABLE NOW!!
This new program helps potential borrowers qualify for a new purchase home loan with as little as a .5% down payment.
The program works as follows:
96.5% LTV 1st FHA Mortgage
3% LTV 15 Year Fixed 2nd Mortgage
This is a great product for those borrowers that have decent credit and income, but don’t have the funds or gifts available for a 3.5% or 5% down payment.
Please call me for details or if I can help any of your clients with this new product.
BEST VALUE OF THE WEEK:
5/1 ARM at 3.25% with 0 points
10 Year Fixed at 3.5% with 0 points
TODAY’S RATES:
30 year fixed: 4.5% – 1 point, 4.625% – 0 points, 4.75% – $0 costs
20 year fixed: 4.25% – .6 points, 4.375% – 0 points, 4.625% – $0 costs
15 year fixed: 3.5% – .99 points, 3.75% – 0 points, 3.875% – $0 costs
10 year fixed: 3.25% – .83 point, 3.5% – 0 points, 3.625% – $0 costs
5/1 ARM: 3% – .7 points, 3.25% – 0 points, 3.625% – $0 costs
7/1 ARM: 3.375% – .96 points, 3.625% – 0 points, 3.75% – $0 costs
30 year fixed FHA: 4% – .92 points, 4.25% – $0 costs
15 year fixed FHA: 3.375% – .84 points, 3.625% – 0 points 3.75% – $0 costs
30 year fixed VA: 4.125% – .87s point, 4.25% – $0 costs
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TODAY’S INTEREST RATES / NEW .5% DOWN PAYMENT PROGRAM
