This week was a fairly quiet week in economic news.
On Wednesday, March 22nd the existing home sales slipped 3.7% for the month of February.
Speculation is the lower inventory and the higher prices caused the number of sales to go down. Wait until we have rising interest rates combine with those factors…
On Thursday, initial weekly jobless claims were up 15,000.
New home sales (new construction) however were UP 6.1%, which was the strongest numbers in 7 months – Remember GOOD news is BAD news for mortgage rates.
Today Durable Goods orders were UP 1.7% – January’s figures were also revised up by a fraction, which layered on the bad news for mortgage interest rates.
So a little bad news, a little good news gave us a stalemate, and rates remain the same.
Don’t gamble: lock in your rate.
Your buyer’s interest rates can be locked in over the weekend, so if you have a client who is close to having an accepted offer and is nervous about rates we can lock that interest rate in. Remember, we also have the float down: if rates improve more than .25% after lock-in and after full approval, your client gets the lower rate. All rates are quoted at a 45 day lock in and assume a 720 credit score with 20% down, except for FHA and VA.
This rate sheet is intended for real estate professionals only and is not to be disseminated to the public as it does not meet federal disclosure law requirements. All rates and programs subject to change without notice
|MULTI Family /apartment buildings||4.1% 7/1 arm||0 points|
|Conforming** 30 year fixed||3.99% (4.125% last week)||1 point|
|Conforming 15 year fixed||3.25%||1.0 point|
|Loan from $424,100 to $636000 30 year fixed||4.25%||1 point|
|FHA under 417k 30 yr||3.796%||No cost|
|FHA over 417k 30 yr fixed||3.9%||No cost|
|VA under $417,000||3.75%||No points|
|Conforming 5 year fixed||3.0%||1 point|
|JUMBO over $625,500 5/1 fixed/ARM||3.75%||1 point|
** conforming means loans under $424,100. Conventional means Fannie Mae and Freddie Mac.
1 point is 1% of the loan. Programs quoted as having 1 point also have the option of 0 points and the option of the 0 cost loan.
If you need someone qualified over the weekend give me a call on my cell.
Cheers and have a great weekend!