Interest Rates Improve Last Week , Lose Gains on Monday

June 2015

Interest rates improved to 3 week lows on Friday with the Mortgage Backed Security (MBS) market closing up + 68 bps on the week. Unfortunately all those gains were erased on Monday with the MBS market closing down – 59 bps on Monday and trading lower on Tuesday as well.

This is the theme of this volatile market – if you like a rate don’t wait to lock it. The pricing can change by thousands of dollars in one day.

Interest rates were improving due to investors fear of Greek debt default. Over the weekend, progress towards a new deal for Greece to pay back debt caused the MBS market to spike on Monday. May’s existing home sales also beat expectations up 5.1% versus an expected 4%. If a Greek deal gets done – rates will continue to rise. I would highly recommend locking in this market.

30 year fixed rates are now available at 4.125% paying .14 points (4.15% APR), and 4.25% paying 0 points (4.27% APR). 15 year fixed rates are now available at 3.25% paying .61 points (3.37% APR), and 3.375% paying 0 points (3.4% APR). **Priced with 740+ credit score, rate and term refinance at 75% LTV**

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Below are today’s interest rates. Have a great week!!

TODAY’S INTEREST RATES:

30 year fixed:      4.125% – .146 points (4.15% APR),       4.25% – 0 points (4.27% APR)

20 year fixed:       3.875% – .71 points (4.01% APR),       4.125% – 0 points (4.127% APR)

15 year fixed:       3.25% – .61 points (3.37% APR),        3.375% – 0 points (3.4% APR)

10 year fixed:        3.0% – .97 points (3.19% APR),        3.25% – 0 points (3.29% APR)

5/1 ARM:        3.125% – .67 points (3.25% APR),        3.375% – 0 points (3.4% APR)

7/1 ARM:        3.375% – .66 points (3.50% APR),          3.625% – 0 points (3.67% APR)

30 year fixed FHA:        3.625% – 1 point (4.52% APR),         3.75% – 0 points (4.45% APR)

15 year fixed FHA:        3.0% – .92 points (3.48% APR),         3.25% – 0 points (3.55% APR)

30 year fixed VA:         3.75% – .13 points (3.77% APR),         3.875% – 0 points (3.9% APR)

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Interest Rates Improve Last Week , Lose Gains on Monday