So the sturm und drang about the debt ceiling is over, at least for the time being. Now Congress goes on vacation, and we won’t hear much about debt until it comes time to appoint the debt committee, which should be another fun battle. In the meantime, mortgage rates dropped significantly yesterday, and are now at yearly lows. If you’re thinking about refinancing or purchasing a new home, now could be the time to strike. In order to get pre-approved for a mortgage, or learn more about our rates and products, call one of our licensed loan officers today at 877-868-2503. Lower home payments could be just a phone call away.
On this day in 1936, Jesse Owens won gold in the 100 meter dash at the Berlin Olympics.
Today’s Links:
Yves Smith: Beleaguered Bank of America Seeking Yet Another Get-Out-of-Liability-Almost-Free Card in AG Negotiations.
Housing Wire: Mortgage Applications Rise 7.1%.
ADP: Private employment increased by 114,000 jobs from June to July. I can’t tell if there is any link between the ADP number and the NFP number. The last couple of months have showed widely varying results.
L.A. Times: Mortgage rates plunge.
Reuters: Default avoided but fears on economy remain.
Bloomberg: Panel Sees Odds of U.S. Recession Rising. I’m really not at all convinced this recession ever ended in any meaningful way for the vast majority of people.
AP: The FBI might have figured out what happened to D.B. Cooper.
Our Rates and Products:
Fixed rate mortgages are the most popular type of mortgage among American homeowners. 30 year fixed rate mortgages are available now for qualified borrowers starting at the rate of 4.250% with an APR of 4.368%. 15 year fixed rate mortgages are going at a rate of 3.500% with an APR of 3.704%.
Adjustable rate mortgages are great for those who will be in their home for the near term, or those who intend to quickly pay off their mortgage in full. 5/1 ARMs are available at a rate of 2.750% and an APR of 3.043%.
The rates on jumbo mortgages are lower than they have been in quite some time. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%. A 5/1 Jumbo ARM starts at 2.875% with and APR of 3.091%.
FHA mortgages have a 3.5% down payment requirement, and are very popular with first time home buyers. 30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR.
***Mortgage rates are always changing. All rates were quoted at 1:05 P.M., on August 3, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.250% | 4.368% |
| 15 Year Fixed Conventional Mortgage | 3.500% | 3.704% |
| 30 Year Fixed FHA Mortgage | 4.250% | 5.563% |
| 30 Year Fixed Jumbo Mortgage | 5.125% | 5.228% |
| 5/1 Conforming ARM Mortgage | 2.750% | 3.043% |
| 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.
Loading ...
RSS feed for comments on this post.
Leave a comment