TODAY’S INTEREST RATES / NEW .5% DOWN PAYMENT PROGRAM

TODAY’S INTEREST RATES / NEW .5% DOWN PAYMENT PROGRAM

January 6th, 2014

New Year

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.

no-money-down-mortgage-first-time-home-buyers1

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

Today's Interest Rates - January 6th, 2014

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, 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.  January 6th 2014 interest rates, January 7th 2014 interest rates, January 8th 2014 interest rates, January 9th 2014 interest rates, January 10th 2014 interest rates, January 11th 2014 interest rates, January 12th 2014 interest rates, January 13th interest rates.

TODAY’S INTEREST RATES      /       NEW .5% DOWN PAYMENT PROGRAM

RATES CONTINUE MOVING HIGHER / FED MEETING NEXT WEEK

RATES CONTINUE MOVING HIGHER     /      FED MEETING NEXT WEEK

December 9th, 2013

The interest rate market had quite the week last week. Rates rose everyday from Monday through Thursday before the important November employment report. Then something weird happened.

Job creation beat their forecasts, The unemployment rate dropped .2% – this would usually cause rates to rise fast, but it didn’t. Rates actually improved a little bit on Friday and also on Monday. Still, the Mortgage Backed Security Market closed the week trading down – 69 bps, pushing rates to their highest levels in months.Now Hiring

With the majority of economic reports showing positive gains – more and more experts think the FED could taper their stimulus package in their meeting next week. I don’t expect rates to change much until then.

Rates are still taking on the outlook I have talked about for months – rates really have no where to go but higher. Any improvement we see is not substantial because the FED taper is looming.

Those still waiting for rates to dramatically drop will likely be waiting forever. I recommend locking on a refinance if it’s beneficial as even these higher rates likely won’t be around much longer.

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.5% with 0 points
10 Year Fixed at 3.25% with 0 points

TODAY’S RATES:

30 year fixed:      4.375% – .78 points,      4.5% – 0 points,      4.625% – $0 costs

20 year fixed:     4.125% – .812 points,      4.25% – 0 points,       4.5% – $0 costs

15 year fixed:      3.375% – .8 points,      3.5% – 0 points,      3.75% – $0 costs

10 year fixed:      3% – .69 point,      3.25% – 0 points,      3.5% – $0 costs

5/1 ARM:      2.75% – .94 points,      3.125% – 0 points,      3.375% – $0 costs

7/1 ARM:      3.25% – .69 points,       3.5% – 0 points,       3.75% – $0 costs

30 year fixed FHA:       3.75% – .94 points,       4.125% – 0 points,      4.25% – $0 costs

15 year fixed FHA:      3.25% – 0 points,      3.5% – $0 costs

30 year fixed VA:      4% – .85 points,      4.25% – $0 costs

Today's Interest Rates - December 9th, 2013

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, 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.  December 9th interest rates, December 10th interest rates, December 11th interest rates, December 12 interest rates, December 13th interest rates, December 14th interest rates, December 15th interest rates, December 16th interest rates

RATES CONTINUE MOVING HIGHER / FED MEETING NEXT WEEK

THE FED DOES NOT TAPER , BUT RATES RISE SLIGHTLY

THE FED DOES NOT TAPER , BUT RATES RISE SLIGHTLY

November 4th, 2013

Mortgage rates ended last week slightly higher, but have improved on Monday taking some of the losses back.

On Wednesday, the FED announced that they would not taper their bond purchasing program. Most did not expect the FED to taper, so this wasn’t a huge surprise. The FED did take out some verbiage in their statement though, which caused some MBS investors to sell off. Normally we would expect rates to improve with this announcement, but that did not happen. The FED will meet again in December.

We have a big week in rate effecting news this week. The Third Quarter US GDP will be released Thursday and the October 2013 Employment report will come out Friday. The employment report will be very important for the direction of interest rates over the next month. If job creation is lower than expected, rates will improve. If job creation is above expectations, expect rates to rise.

Make it a great week!!

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.25% with 0 points
5/1 ARM at 2.875% with 0 points

TODAY’S RATES:

30 year fixed:     4.125% – .74 points,     4.25% – 0 points,     4.5% – $0 costs
20 year fixed:     4% – .78 points,      4.125% – 0 points,     4.25% – $0 costs
15 year fixed:     3.25% – .76 points,     3.375% – 0 points,     3.5% – $0 costs
10 year fixed:      3% – .74 points,      3.375% – 0 points,      3.5% – $0 costs
5/1 ARM:      2.625% – .76 points,      2.875% – 0 points,      3.125% – $0 costs
7/1 ARM:      3% – .91 points,      3.25% – 0 points,     3.5% – $0 costs
30 year fixed FHA:     3.75% – $0 costs
15 year fixed FHA:      3.25% – 0 points, 3.5% – $0 costs
30 year fixed VA:      3.75% – 0 points, 4% – $0 costs
Today's Interest Rates - November 4th, 2013 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. 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 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 4th interest rates, November 5th interest rates, November 6th interest rates, November 7th interest rates, November 8th interest rates, November 9th interest rates, November 10th interest rates, November 11th interest rates

THE FED DOES NOT TAPER , BUT RATES RISE SLIGHTLY

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

October 28th, 2013

Interest Rates improved for the 2nd straight week last week.  The main source of improvement was from the September employment report released Tuesday.  The gain in jobs fell well short of forecasts, pushing investor money into mortgage backed securities. 

Rates are still at the lowest levels since early May when rates went up very quickly due to comments from Ben Bernanke about tapering the bond purchasing program.  The FED is meeting again this week with a statement on Wednesday.  Most do not expect the FED to taper in the meeting, but if they do – watch out – rates will go up quickly.

FOMC-Meeting

Make it a great week!!           

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.375% with 0 points

5/1 ARM at 2.625% paying 1 point

TODAY’S RATES:

30 year fixed:     4.125% – .37 points,     4.25% – 0 points,     4.375% – $0 costs

20 year fixed:   4% – .5 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.125% – 1 point,     3.375% – 0 points,     3.5% – $0 costs

10 year fixed:   2.875% – 1 point,     3.125% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.625% – 1point,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .6 points,     3.375% – 0 points,     3.65% – $0 costs

30 year fixed FHA:     3.75% – $0 costs

15 year fixed FHA:    3.25% – .11 points,     3.375% – 0 points,     3.5% – $0 costs

30 year fixed VA:     3.75% – 0 points,    3.875% – $0 costs

Today's Interest Rates - October 28th, 2013

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.  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 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.

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

INTEREST RATES STEADY / EMPLOYMENT REPORT THIS FRIDAY

INTEREST RATES STEADY    /    EMPLOYMENT REPORT THIS FRIDAY

September 3rd, 2013

I hope everyone had a safe and enjoyable Labor Day weekend!!

Interest rates improved 4 of the 5 business days last week.  The Mortgage Backed Security Market closed the week trading up + 22 bps.  Unfortunately, the small gains of last week have been taken back with the market trading down – 27 bps on Tuesday morning. 

The 2 big things in the news this week that could affect interest rates are:

SYRIA

THE AUGUST EMPLOYMENT REPORT

Last week, both John Kerry and President Obama reiterated that any action against Syria would likely not result in troops on the ground.  With the White House trying to garner support for a strike against Syria, it appears something will happen at this point.  The market will keep close attention and pricing will move based upon the implications of any strike on the economy.

The all important employment report is released on Friday.  Pay more attention to job creation hitting their forecasts versus the unemployment percentage.  This August employment report is particularly important because it is the last employment report before the FED meeting on September 18th.  Strong numbers will definitely help the cause of tapering the stimulus.

LOCK RECOMMENDATION:

I still believe it is too risky to float right now especially with the Fed meeting coming up fast.  Even when we have seen rate improvement over the past 2 weeks, the gains have been small.  I don’t see any situation where rates will improve significantly from current levels outside of the FED announcing an extension of the stimulus. 

Make it a great week!!   

BEST VALUE OF THE WEEK:   

10 Year Fixed at 3.125% with .96 points        

TODAY’S RATES:

30 year fixed:     4.5% – .54 points,     4.625% – 0 points,     4.75% – $0 costs

20 year fixed:   4.25% – .52 points,     4.5% – 0 points,     4.625%  – $0 costs

15 year fixed:   3.5% – .73 points,     3.625% – 0 points,     3.875% – $0 costs

10 year fixed:   3.125% – .96 points,     3.5% – 0 points,     3.75% – $0 costs

5/1 ARM:   3.25% – .87 points,     3.75% – 0 points,     4.25% – $0 costs

7/1 ARM:    3.75% – .79 points,     4.25% – 0 points

30 year fixed FHA:    4% – .92 points,      4.25% – $0 costs

15 year fixed FHA:    3.5% – .77 points,     3.75% – $0 costs

30 year fixed VA:     4.25% – $0 costs

Today's Interest Rates - September 3rd, 2013

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.  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 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.

INTEREST RATES STEADY    /    EMPLOYMENT REPORT THIS FRIDAY

RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

August 5th, 2013

It was quite a roller coaster week as rates went up for the majority of the week, then took back the losses on Friday.  At the end of the week, the Mortgage Backed Security market closed trading up + 8 bps, with the market improving over 100 basis points on Friday alone.  

The July employment report was the catalyst for the rate improvement on Friday.  Non-Farm payroll jobs were below forecasts and the numbers for June were revised lower.  Even though the unemployment percentage went down, the lower than expected job growth numbers caused a big rise in the MBS market.

Also on Friday, a Fed member stated publicly that the FED would taper it’s bond purchasing program when current economic data supported economic growth, not on the FED’s own internal forecasts.  This is reassurance to the market that the FED won’t slow the stimulus based on projections versus real data. 

Still the MBS market was not able to go above it’s 10 day moving average of resistance.  This could mean that traders will not purchase Mortgage Backed Securities over a certain amount, period.

I still think the prospect of 30 year fixed rates improving much past 4.25% are slim, and locking is the best option. 

Make it a great week!!

BEST VALUE OF THE WEEK:              

20 Year Fixed at 4.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.375% – .65 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .85 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .84 points,     3.625% – 0 points,     3.875% – $0 costs

5/1 ARM:   2.875% – .85 points,     3.375% – 0 points,     3.875% – $0 costs

7/1 ARM:    3.25% – .99 points,     3.875% – 0 points,     4.5% – $0 costs

10/1 ARM:    4% – .87 points,     4.5% – 0 points

30 year fixed FHA:    3.75% – .64 points,     4% – 0 points,      4.25% – $0 costs

15 year fixed FHA:    3.25% – .17 points,     3.5% – 0 points,      3.75% – $0 costs

30 year fixed VA:     4% – .42 points,     4.25% – $0 costs

Today's Interest Rates - August 15th, 2013

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.  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 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.

RATES IMPROVE AFTER JULY EMPLOYMENT REPORT

MORTGAGE RATES LIKELY TO RISE IN 2012

HAPPY NEW YEAR – MORTGAGE RATES LIKELY TO RISE IN 2012

December 27th, 2011

The bond market closed last week trading down (- 66 bps).  Interest rates/pricing rose last week by approximately .5% in costs.  This week will likely remain stable but we could see further rate increases next week. 

I expect rates to rise in 2012, and here are a few things that will likely affect interest rates and the US markets during the upcoming year. 

1.)    HR3630  is new bill likely to pass in Congress very soon.  The bill increases guaranteed fees on Fannie Mae and Freddie Mac loans (the vast majority of loans written in the USA) up 10 basis points.  FHA will also increase it’s annual mortgage insurance 10 basis points.  These price hikes will be passed on to the consumer, pushing the closing costs you pay for a new mortgage higher.  Since Fannie Mae, Freddie Mac, and FHA are all run by the government now, these price increases are likely being put in to place so the government does not have to increase the employment tax.  So instead of employees paying higher taxes for unemployment expenses and social security – mortgage borrowers will instead. 

2.)     The majority of economists (Based on an Associated Press Poll) feel that the US economy will start to grow faster in 2012.  The economy has created at least 100,000 new jobs in the past 5 months straight.  People applying for unemployment benefits are at their lowest levels since April of 2008. 

Economists predict jobs creation to increase even more in 2012.  Even though the projections for job growth are higher, experts predict the unemployment rate to stay near 8.4%.  The new jobs are only cancelling out population increase. 

3.)     Europe still remains a constant concern.  A default in the Europe debt situation could cause major ramifications to the US Economy. 

With the economy likely to improve in 2012 – we will likely see the stock market improve and investors moving their money from the bond market and into the stock market.  This should create higher pricing on mortgages. 

Unless a default happens in Europe (which will trigger investors to move funds back into the safety of the bond market), interest rates are very likely to rise in 2012. 

Below are rates available today paying a point or less:

30 year fixed: 4% paying .51 points, 4.25% paying 0 points

20 year fixed: 3.875% paying .68 points, 4.125% paying 0 points

15 year fixed: 3.25% paying .9 points, 3.5% paying 0 points

5/1 ARM: 2.625% paying ..74 points; 3% paying 0 points

7/1 ARM: 2.875% paying .91 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.25% paying .49 point, 4.375% paying 0 points

30 year fixed FHA: 3.75% paying .36 points, 3.875% paying 0 points

15 year fixed FHA: 3.25% paying .13 points; 3.375% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates 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, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Mortgage Rates likely to rise in 2012