30 Year Fixed Harp rates

FED MINUTES RELEASE TRIGGERS RISE IN INTEREST RATES – COULD SEE SOME RECOVERY THIS WEEK

FED MINUTES RELEASE TRIGGERS RISE IN INTEREST RATES  –  COULD SEE SOME RECOVERY THIS WEEK

January 7th, 2012

On Thursday of last week – the mortgage backed security market saw one of its biggest sell offs in months with the release of the FED Minutes from the Federal Open Market Committee. 

On Thursday alone, mortgage backed securities dropped  (-69 bps) – pushing rates to their highest levels in months.  Luckily on Friday and Monday, we saw some recovery in the markets, closing up (+ 22 bps) and up (+ 6 bps) respectively. 

The Fed minutes release the discussions of the Federal Open Market Committee in their meetings.  The minutes show that many members of the FED believe that the FED should stop purchasing mortgage backed securities sooner rather than later.  The FED purchasing mortgage backed securities is keeping interest rates lower than they should be in a normal market.  The dissension among multiple FED members regarding the continuation of this policy caused the market to sell off mortgage backed securities pushing rates higher. 

I expect rates to improve some this week as the market overreacted to news that was already known.  Not every member of the FED approves of the FED printing money to keep interest rates artificially low. 

Many consumers have come to take for granted how low rates are.  Rates can go up and they can go up quickly.  If you can lock in a beneficial refinance rate do it – there is no guarantee that rate will be there tomorrow.  Rates go up a lot faster than they go down.

I do expect some modest pull back this week with some rate improvement – but I think the lowest rates are behind us. 

Have a great week!!

TODAY’S RATES:

30 year fixed:     3.375% paying .96 points,     3.625% paying 0 points,     3.75% – $0 costs

20 year fixed:   3.375% paying .62 points,     3.5% paying 0 points,     3.75%  – $0 costs

15 year fixed:   2.75% paying .43 points,     2.875% paying 0 points,     3% – $0 costs

5/1 ARM:   2.25% paying 1 point,     2.625% paying 0 points,     3% – $0 costs

7/1 ARM:    2.5% paying .97 points,     2.75% paying 0 points,     3.125%- $0 costs

30 year fixed High Balance Loan:    3.625% paying .526 points;     3.75% paying 0 points;    4% – $0 costs

30 year fixed FHA:    3.25% – $0 costs

15 year fixed FHA:    2.75% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR-1-7-2013

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.  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 mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

FED MINUTES RELEASE TRIGGERS RISE IN INTEREST RATES  –  COULD SEE SOME RECOVERY THIS WEEK

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