Mortgage rates got a little better yesterday, and early indications suggest that they will probably remain range bound today. Rates have been rising on the strength of better than expected economic reports, and the hopes that the Europeans will come to some sort of debt agreement. I expect continued volatility for the near future, but it appears that in the longer term, rates will trend upward somewhat. If you are on the fence about refinancing your mortgage or purchasing a home, now may be the time to lock in a low rate. Although I don’t expect rates to spike suddenly, there is no telling what may happen. To speak with one of our licensed mortgage professionals about refinancing your home or getting pre-approved for a home loan, call us today at 877-868-2503. Start saving money today.
Some of Our Rates and Products*:
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 3.875% | 4.027% |
| 15 Year Fixed Conventional Mortgage | 3.250% | 3.517% |
| 30 Year Fixed FHA Mortgage | 3.750% | 5.092% |
| 30 Year Fixed Jumbo Mortgage | 4.875% | 4.992% |
| 5/1 Conforming ARM Mortgage | 2.500% | 2.951% |
| 5/1 Jumbo ARM Mortgage | 2.750% | 3.038% |
***Mortgage rates are always in flux. The below rates were quoted at 1:01 P.M., on October 14, 2011. Call 877-868-2503 for more details.***
Today’s Links:
Bloomberg: Refinancing chills U.S. home purchases. It’s really not a shock that people don’t want to purchase homes when they are unsure of future earnings. More jobs=more home purchases. It’s really that simple.
Housing Wire: Fannie CEO: flat guarantee fee on mortgages unlikely.
Slate: Little banks vs. big banks.
WSJ: Bleak news for Americans’ income. Salaries are down 7% after adjusting for inflation over the past decade. No wonder people are buying homes right now.
Washington Post: Jobs proposals multiply but go nowhere. Partisan politics is preventing the congress from taking action? Stunner.
NY Times: In cooling China, loan sharks come knocking.
Bloomberg: Revised EU stress test would see 66 banks fail.
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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