Weekly Rate – Rates Improve Last Week, US Employment Report on Friday

WEEKLY RATE – Rates Improve Last Week, US Employment Report on Friday

May 2016

Happy May!!

Interest rates moved slightly lower last week with the Mortgage Backed Security (MBS) market trading up 3 of the 5 days and closing up +41 bps.

The FED didn’t raise rates on Wednesday and most don’t expect them to until Fall.  Overall rates are slightly better, but still in the same small range they’ve been in since February.

Friday is the US Non Farm Payroll report which is the biggest indicator of where rates will head in May.

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Below are today’s interest rates.  Have a great week!!

TODAY’S INTEREST RATES:

30 year fixed:       3.625% – .43 points (3.71% APR),       3.75% – 0 points (3.78% APR)

20 year fixed:       3.375% – 1 point (3.57% APR),        3.625% – 0 points (3.64% APR)

15 year fixed:        2.875% – .53 points (2.98% APR),        2.99% – 0 points (3.05% APR)

10 year fixed:        2.625% – 1 point (2.83% APR),        2.875% – 0 points (2.92% APR)

5/1 ARM:        2.875% – .78 points (3.03% APR),         3.125% – 0 points (3.17% APR)

7/1 ARM:       3.0% – .97 points (3.2% APR),        3.375% – 0 points (3.41% APR)

30 year fixed FHA:        3.25% – .35 points (4.02% APR),      3.375% – 0 points (4.04%APR)

15 year fixed FHA:        2.75% – 1 point (3.27% APR),      3.125% – 0 points (3.42% APR)

30 year fixed VA:        3.25% – .60 points (3.37% APR),      3.375% – 0 points (3.41% APR)

Today's Interest Rates - May 2nd 2016

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, Colorado, Washington, and Virginia.  Arizona Home Loans, California Home Loans, Colorado Home Loans, Washington Home loans, Virginia 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.  May 2nd 2016 30 year fixed rates, May 3rd 2016 30 year fixed rates, May 4th 2016 30 year fixed rates, May 5th 2016 30 year fixed rates, May 6th 2016 30 year fixed rates, May 7th 2016 30 year fixed rates, May 8th 2016 30 year fixed rates.

Weekly Rate – Rates Improve Last Week, US Employment Report on Friday

INTEREST RATES IMPROVE TO 6 WEEK LOWS

FED DOES NOT TAPER – INTEREST RATES IMPROVE TO 6 WEEK LOWS

September 23rd, 2013

The FED announced on Wednesday that they will not taper their bond purchasing program at the present time.  This announcement went against many market prognosticators, helping push rates to their lowest levels in 6 weeks – and near their lowest levels in 4 months. 

30 Year Fixed dropped to 4.25% and 15 year fixed dropped back below 3.5% to 3.375%.  ARMs did not move as much – 5/1 ARMs currently start at 2.875% and 7/1 ARMs start at 3.5% paying a point or less. 

house-interest-rateThe FED’s reasoning was that the economy had not shown enough to warrant reducing the stimulus.  If the FED did taper, everyone knew rates would go up very quickly.  This could be a change of tone/direction for the FED, possibly indicating that they feel that the higher interest rates of the past 4 months have already negatively affected the economy. 

Still there will be constant pressure on rate markets unless the FED announces they no longer will taper.  The FED meets again at the end of October, and made it clear that they could choose to taper at anytime.

Enjoy the lower rates while they are here – hopefully they will stay for longer than we expected.

Make it a great week!!   

BEST VALUE OF THE WEEK:               

15 Year Fixed at 3.5% paying 0 points

5/1 ARM at 3.375% paying 0 points

TODAY’S MORTGAGE INTEREST RATES:    

30 year fixed:     4.25% – .99 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .59 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .81 points,     3.5% – 0 points,     3.75% – $0 costs

10 year fixed:   3% – .98 points,     3.25% – 0 points,     3.625% – $0 costs

5/1 ARM:   2.875% – 1 point,     3.375% – 0 points,     3.75% – $0 costs

7/1 ARM:    3.5% – .85 points,     3.75% – 0 points,     4.125% – $0 costs

30 year fixed FHA:    3.75% – .82 points,      4% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – .99 points,     3.625% – 0 points,     3.75% – $0 costs

30 year fixed VA:     4% – .14 points,    4.125% – 0 points,     4.25% – $0 costs

Today's Interest Rates - September 23rd, 2013

Interest Rates Improve to 6 Week Lows

RATES HIT LOWEST LEVELS SINCE JANUARY

RATES HIT LOWEST LEVELS SINCE JANUARY

April 8th, 2013

Interest rates had their best week in months.  Interest rates dropped approximately .125% on the week with the Mortgage Backed Security market closing up (+ 122 bps).  This is the fourth consecutive week that interest rates have improved, with last week being the most dramatic drop.

The economic optimism is coming back to earth which is helping interest rates come back down.  The Dow Jones closed last week close to where it began.  American citizens in some industries are now starting to feel the effects of the sequester.  North Korea’s bold rhetoric is starting to worry some investors. 

The week was capped by a lower than expected March job report.  Although the unemployment rate dropped from 7.7% to 7.6%, job growth was much lower than forecasted.  Non farm jobs only grew 88k from an expected 200k.  The drop in unemployment is mainly due to people leaving the work force.    

This week is another great opportunity to lock in as rates are at their lowest levels since January. 

Make it a great week!!   

BEST VALUE OF THE WEEK:

30 Year Fixed at 3.625% paying 0 points

TODAY’S RATES:

30 year fixed:     3.5% paying .21 points,     3.625% paying 0 points,     3.75% – $0 costs

20 year fixed:   3.25% paying .87 points,     3.5% paying 0 points,     3.625%  – $0 costs

15 year fixed:   2.625% paying .83 points,     2.875% paying 0 points,     3% – $0 costs

5/1 ARM:   2% paying .99 points,     2.375% paying 0 points,     2.625% – $0 costs

7/1 ARM:    2.25% paying .89 points,     2.5% paying 0 points,     2.75%- $0 costs

30 year fixed High Balance Loan:    3.625% paying .44 points;     3.75% paying 0 points;     3.875% – $0 costs

30 year fixed FHA:    3.25% – $0 costs

15 year fixed FHA:    2.75% paying 0 points,     2.875% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR - April 8th, 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.

RATES HIT LOWEST LEVELS SINCE JANUARY