The past 72 hours have seen an incredible amount of market volatility, driven by the announcement that the Fed will keep rates low until 2013, lingering fears about debt in western economies, the stability of the banking system, a possibly weakening U.S. economy, and a slew of other factors. In the wake of all this activity, mortgage rates fell precipitously, and are now close to all-time lows. If you want to refinance your mortgage or buy a new home, now is the time to lock a low rate. For information about our rates and products, or advice on the mortgage process, call one of our licensed mortgage officers today at 877-868-2503.
On this day in 1929, Babe Ruth became the first baseball player to hit 500 home runs.
Today’s Links:
Housing Wire: BofA marks down billions from Countrywide portfolio.
Mortgagenewsdaily: Government Seeks solutions to Foreclosure Glut. Are Fannie and Freddie going to become giant landlords?
Reuters: Most Americans say U.S. on wrong track.
Naked Capitalism: Delaware Attorney General Joins in Dropping Bombs on Banks of America Settlement and Bank of New York.
Department of Labor: Jobless claims declined by 7,000 last week to a pace of 395,000.
L.A. Times: Bank chiefs seeks to reassure investors.
N.Y. Times: Growing Concern Over France’s Top Credit Rating Spreads Market Anxiety.
Washington Post: Foreclosure Filings in U.S. Plunge 35% to Lowest in Four Years.
Some of Our Rates and Products:
***Mortgage rates are always changing. All rates were quoted at 1:08 P.M., on August 11, 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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