WEEKLY RATE – Interest Rates Inch Higher
Mortgage interest rates are beginning to trend slowly higher with the Mortgage Backed Security (MBS) market trading down the past 3 weeks.
The Mortgage Backed Security market trading down last week – 2 bps, and is trading down this week – 34 bps as of Thursday morning.
The Federal Open Market Committee (FOMC) met this week and did not raise the Federal Funds rate. They stated that although economic growth has slowed, they view it as transitory and they believed the labor market has strengthened. This verbiage points to a likely FED rate increase in June.
The April US Non Farm Payroll report comes out this Friday. As always, this report typically shapes the direction of rates for the upcoming month.
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Below are today’s interest rates. Have a great week!!
TODAY’S INTEREST RATES:
30 year fixed: 4.0% – 1 point (4.2% APR), 4.25% – 0 points (4.3% APR), 4.5% – $0 costs (4.5% APR)
20 year fixed: 3.875% – .79 points (4.03% APR), 4.0% – 0 points (4.06% APR), 4.25% – $0 costs (4.25% APR)
15 year fixed: 3.375% – .9 points (3.55% APR), 3.625% – 0 points (3.69% APR), 3.99% – $0 costs (3.99% APR)
7/1 ARM: 3.5% – 1 point (3.7% APR), 3.875% – 0 points (3.93% APR)
30 year fixed FHA: 3.875% – .84 points (4.74% APR), 4.125% – 0 points (4.82% APR), 4.375% – $0 costs (outside of FHA Fee) (5.1% APR)
15 year fixed FHA: 3.625% – .83 points (4.09% APR), 3.875% – 0 points (4.27% APR)
30 year fixed VA: 3.875% – .64 points (4.00% APR), 4.125% – 0 points (4.2% APR), 4.375% – $0 costs (4.37% APR)
30 year Fixed Jumbo: 4.0% – 1 point (4.2% APR), 4.25% – 0 points (4.32% APR),
7/1 ARM Jumbo: 3.375% – .78 points (3.53% APR), 3.625% – 0 points (3.7% APR)
-Reginald Patrick Green Jr. -Branch Manager. NMLS #229993. AZ License: BK-0913980. -AZ NMLS LIC#: DOC229993, CO NMLS LIC# 1000323838, CA NMLS LIC# DOC229993. -Fairway Independent Mortgage Corporation. 2325 East Camelback Road, Suite 100, Phoenix, AZ, 85016. 480-206-5577, reggie.green@fairwaymc.com. Corporate Address: Fairway Independent Mortgage Corporation. 2425 New Pinery Rd Ste 102, Portage, WI 53901. #2293. Equal Housing Lender. -National Mortgage Licensing (NMLS) Link. http://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2289. -Customer Info or complaints: Complaints may be directed to 877-699-0353, customerservice@fairwaymc.com.-LegalDisclosure: https://www.fairwayindependentmc.com/~/media/files/pdf/legal-disclosures.pdf?la=en. -Privacy Policy: https://www.fairwayindependentmc.com/~/media/files/pdf/privacy-policy.pdf?la=en.-Terms of Use: https://www.fairwayindependentmc.com/~/media/files/pdf/terms-of-use.pdf?la=en. -Copywright 2017 Fairway Independent Mortgage Corporation.
WEEKLY RATE – Interest Rates Inch Higher
