WEEKLY RATE – Rates Hit 2017 Lows
Interest rates trended down last week, ending at the lowest levels we’ve seen in 2017 and since November of 2016. 15, 20 and 30 Year Fixed rates are entrenched well in the 3%’s.
Now is a great time to reevaluate your mortgage to see if you can save money through a refinance. We can put together refinance options quickly on the phone or by having you answer a few simple questions on our website.
There is not a ton of interest rate news this week until Friday, when the heavy weights of the economy meet in Jackson Hole.
PRODUCT SPOTLIGHT – Down Payment Assistance Programs
Down payment assistance non repayable grants are available in many states and counties. We specialize in the Arizona Down Payment assistance programs Home Plus and Home in 5, but we also offer down payment assistance programs in other states when they are available.
The main tenets of down payment assistance are when a borrower qualifies with credit and income but does not have (or does not want to use) money for a down payment. Most programs are non repayable grants where your regular 3 to 3.5% down payment requirement are paid for through the grant.
To qualify, you typically have to have a credit score in the mid 600’s or above and we have to get your debt to income ratio to 45% or below.
If you are wanting to buy a home, but haven’t saved or don’t want to use your money for a down payment – please give us a call. We can let you know the same day whether you are eligible for down payment assistance and what grants may be available to you.
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As always, have an amazing week and we’re always available if you need help with a new home loan purchase or refinance.
Jenn Patel / Senior Loan Officer: 480-818-3769
Reggie Green / Branch Manager: 480-206-5577
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For a no obligation mortgage quote, please answer questions on right or go to:
To apply for a refinance or home purchase loan, please call me or go to:
I am a top 1% mortgage originator in the country with 13 years of experience. Fairway Independent Mortgage is a top 5 retail lender in the United States.
My team treats every transaction as an audition to earn your business for the rest of your life.
Our customers always come first and we will do everything in our power to make sure you have a great product and a great mortgage experience.
Below are today’s interest rates. Have a great week!!
TODAY’S INTEREST RATES:
30 year fixed: 3.875% – .99 points (4.07% APR), 4.125% – 0 points (4.17% APR), 4.375% – $0 costs (4.375% APR)
20 year fixed: 3.625% – .99 points (3.82% APR), 3.875% – 0 points (3.99% APR), 4.125% – $0 costs (4.125% APR)
15 year fixed: 3.25% – .89 points (3.44% APR), 3.625% – 0 points (3.67% APR), 3.875% – $0 costs (3.875% APR)
5/1 ARM: 3.25% – .96 points (3.44% APR), 3.75% – 0 points (3.79% APR)
30 year fixed FHA: 3.875% – .97 points (4.77% APR), 4.25% – 0 points (4.92% APR), 4.625% – $0 costs (outside of FHA Fee) (5.32% APR)
15 year fixed FHA: 3.75% – .95 points (4.24% APR), 4.125% – 0 points (4.42% APR),
30 year fixed VA: 3.875% – .77 points (4.02% APR), 4.125% – 0 points (4.17% APR), 4.5% – $0 costs (4.5% APR)
30 year Fixed Jumbo: 3.875% – .5 points (3.97% APR), 4.0% – 0 points (4.05% APR),
7/1 ARM Jumbo: 3.125% – .98 points (3.31% APR), 3.5% – 0 points (3.54% APR)
Weekly Rate – Rates Hit 2017 Lows
