RATES IMPROVE AFTER EMPLOYMENT REPORT
November 10th, 2014
Interest rates improved to 1.5 week lows after October’s employment report was released on Friday. Non Farm Payroll jobs increased 214,000 in October but were lower than expectations of 235,000 plus. The Mortgage Backed Security (MBS) market closed up + 46 bps on Friday alone – taking back the losses from earlier in the week and closing the week positive + 25 bps.
On Monday the bond market pulled back taking some of the gains from Friday – closing down -31 bps on the Day. The bond Market is closed for Veterans day. Thank you to all the Veterans out there that have served our country.
Interest rates are very similar to where they started last week. Retail sales will be the biggest report of the week on Friday.
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Below are today’s interest rates. Have a great week!!
THE RETURN OF THE NO APPRAISAL REFINANCE
With Fannie Mae’s new version of their underwriting system DU – mortgage bankers and their clients are seeing a welcome change in the return of the PIW
PIW stands for Property Inspection Waiver.
When running a Fannie Mae Approval – sometimes Fannie Mae’s system grants a PIW which allows us to complete the loan without getting an actual appraisal. These No appraisal refinances are not for upside down homes, lower credit borrowers, cash out loans, etc. They are typically granted when there is a decent amount of equity based on average prices in the area and they are usually granted for higher credit score borrowers.
The purpose is to allow someone that has equity and great credit to get a loan without having to physically get an appraisal.
This is a welcome return – as it allows well qualified customers to complete a refinance without an out pocket expense and we can usually close the loan very quickly.
BEST VALUE OF THE WEEK:
30 Year Fixed at 4.125% paying 0 points
5/1 ARM at 3.125% paying 0 points
TODAY’S INTEREST RATES:
30 year fixed: 4% – .25 points (4.05% APR), 4.125% – 0 points (4.15% APR)
20 year fixed: 3.625% – 1 points (3.72% APR), 3.875% – 0 points (3.78% APR)
15 year fixed: 3.125% – .625 points (3.24% APR), 3.375% – 0 points (3.38% APR)
10 year fixed: 2.875% – .875 points (3.0% APR), 3.125% – 0 points (3.13% APR)
5/1 ARM: 2.875% – .75 points (3.025% APR), 3.125% – 0 points (3.128% APR)
7/1 ARM: 3.125% – .875 points (3.28% APR), 3.375% – 0 points (3.39% APR)
30 year fixed FHA: 3.5% – .375 points (4.58% APR), 3.625% – 0 points (4.625% APR)
15 year fixed FHA: 2.875% – 1 point (3.375% APR), 3.125% – 0 points (3.425% APR)
30 year fixed VA: 3.5% – .625 points (3.62% APR), 3.75% – 0 points (3.78% APR)
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. Arizona refinance, California refinance, Colorado refinance. Scottsdale, Arizona Mortgage Banker in McCormick Ranch. McCormick Ranch Loan Officer. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, HARP 3.0 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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages. November 10th 2014 30 year fixed rates, November 11th2014 30 year fixed rates, November 12th 2014 30 year fixed rates, November 13th 2014 30 year fixed rates, November 14th 2014 30 year fixed rates, November 15th 2014 30 year fixed rates, November 16th 2014 30 year fixed rates.
Rates Improve after Employment report – but then pull back