Yesterday was yet another crazy day for the financial markets as the Dow dipped more than 400 points primarily due to debt problems with major European banks. The Dow is now down about 1500 points over the past month, causing investors to seek shelter in treasuries, and to a lesser degree, mortgage-backed securities. As a result of this, mortgage rates are now at record lows. If you are thinking about refinancing your mortgage or purchasing a new home, now is the time to strike. We can pre-approve you for a mortgage on the phone in minutes. Call us today at 877-868-2503 to lock your low rate today.
On this day in 1848, the New York Herald became the first major east coast newspaper to break news of the discovery of gold in California seven months prior.
Today’s Links:
Washington Post: Global stocks continue sharp sell-off.
Rolling Stone/Matt Taibbi: Is the SEC Covering Up Wall Street Crimes?
Boston Real Estate Now: Life, liberty, and the right to a guaranteed rock-bottom mortgage rate?
Housing Wire: NYC home sales down 40% from last year.
Calculated Risk on Existing Home Sales.
Jean Braucher/Credit Slips: Principal Pay Down in Chapter 13 as a Means of Foreclosure Prevention.
Adam Levitin/Credit Slips: Any Bright Ideas? Some possible solutions to the housing mess.
Some of Our Rates and Products:
***Mortgage rates are always changing. All rates were quoted at 1:00 P.M., on August 19, 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 | 2.750% | 3.038% |
* 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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