Last week was a crazy week for financial markets as the S&P downgrade, a weakening U.S. economy, and ongoing debt troubles in Europe and the United States roiled investors. In the wake of all this activity, mortgage rates plunged, and are now lingering close to last fall’s all-time lows. Mortgage activity surged as borrowers took advantage of the low rates and relatively affordable housing. If you are thinking about buying a new home or refinancing your current mortgage, now may be the time to act. For a free consultation with one of our mortgage professionals, call us today at 877-868-2503. Don’t hesitate, begin planning your future today.
On this day in 1977, a SETI scientist observed the WOW! signal. The 72-second radio signal was thought to be of possible extraterrestrial origin. It has never been observed again.
Today’s Links:
BostonRealEstateNow: Does a short sale in the condo complex lower all the prices there?
Washington Post: Geithner, Bernanke have little in arsenal to fight new crisis.
BusinessWeek: BofA’s Moynihan Said to Press Geithner on Foreclosure Agreement.
NYTimes: Low Rates May Do Little to Entice Nervous Customers.
Palm Beach Post: Homeowners feeling “trapped” in struggling Florida housing market.
MortgageNewsDaily: Government Seeks Solutions to Foreclosure Glut.
Some of Our Rates and Products:
***Mortgage rates are always changing. All rates were quoted at 1:05 P.M., on August 15, 2011. Call 877-868-2503 for more details.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.125% | 4.279% |
| 15 Year Fixed Conventional Mortgage | 3.375% | 3.643% |
| 30 Year Fixed FHA Mortgage | 4.125% | 5.445% |
| 30 Year Fixed Jumbo Mortgage | 4.875% | 4.992% |
| 5/1 Conforming ARM Mortgage | 3.000% | 3.171% |
| 5/1 Jumbo ARM Mortgage | 2.875% | 3.091% |
* 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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