MTG RATES LOWER – BIG FED MEETING ON WEDNESDAY
April 23rd, 2012
The MBS Market closed last week trading up (+13 bps.)
Overall it is has been a very good market for interest rates over the past couple weeks. Rates lowered a few weeks ago, and we haven’t seen much movement since then.
Stocks have been down lately, and the continuing debt problem in Europe is dragging down the European economy – causing more investors to seek the safety of US Treasuries.
The big news this week is on Wednesday with The Federal Open Market Committee meeting and statement. Many still think the FED may announce another round of mortgage backed security purchases to keep rates low as the economy is showing signs of not fully recovering.
There is almost always a large swing in interest rates up or down after the FOMC statement. If you don’t like risk – you may want to lock before Wednesday.
I offer a float down policy – which means if we lock your rate and your rate drops .25% during the loan process, I can “float down your rate” to the lower rate with the same costs. This gives the security of a guaranteed price and the ability to get a lower rate if rates drop a lot after locking.
Below are rates available today paying a point or less:
30 year fixed: 3.75% paying .91 points, 3.99% paying 0 points
20 year fixed: 3.5% paying .76 points, 3.75% paying 0 points
15 year fixed: 2.875% paying .97 points, 3.125% paying 0 points
5/1 ARM: 2.25% paying .97 points, 2.75% paying 0 points
7/1 ARM: 2.625% paying .74 points, 2.875% paying 0 points
30 year fixed High Balance Loan: 4% paying .16 points, 4.125% paying 0 points
30 year fixed FHA: 3.75% paying 0 points
15 year fixed FHA: 2.875% paying .67 points, 3.125% paying 0 points
30 year fixed VA: 3.75% paying 0 points
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. 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.
MORTGAGES RATES LOWER – BIG FED MEETING WEDNESDAY