MORTGAGE RATES REMAIN STABLE – 30 YEAR FIXED AT 3.75%
July 17th, 2012
The MBS market closed last week trading down (-3 bps). Basically a ho-hum week with not a lot of data or change in rates.
This week FED chairman Ben Bernanke testifies before Congress on Tuesday and Wednesday. On Tuesday, he said that the FED could still use measures to boost economy if it saw fit. While not saying they would use them, he says they are available if they feel the need.
This economic easing could include another round of buying mortgage backed securities and lowering of the interest rate the FED charges it’s reserve banks. He noted that using these measures is an option,but there a certain risks and side effects that need to be considered carefully before using them.
The FED is still happy with inflation staying below 2%. It will focus on job growth when deciding if more economic easing is necessary. Job growth has been very slow and below projected numbers the past few months.
All in all, there is not much information that we have not already been given. Mortgage rates are remaining at record low levels and it appears the FED will not push to purchase mortgage backed securities unless it absolutely has too.
I predict for rates to stay stable barring anything unforeseen happening in the market.
My best value of the week:
30 Year Fixed High Balance Loans at 3.75% paying 0 points
5/1 ARM at 2.5% paying .0 points
Below are rates available today paying a point or less:
30 year fixed: 3.375% paying .89 points, 3.5% paying 0 points
20 year fixed: 3.25% paying .78 points, 3.375% paying 0 points
15 year fixed: 2.75% paying .7 points, 2.99% paying 0 points
5/1 ARM: 2.25% paying .8 points, 2.5% paying 0 points
7/1 ARM: 2.375% paying .8 points, 2.625% paying 0 points
30 year fixed High Balance Loan: 3.5% paying .90 point, 3.75% paying 0 points
30 year fixed FHA: 3.25% paying 0 points
15 year fixed FHA: 2.75% paying .19 points, 2.875% paying 0 points
30 year fixed VA: 3.25% 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.
Mortgage Rates Remain Stable – 30 Year Fixed at 3.75%