Economic news: The first Friday of the month we always get the previous month’s employment data.
The Federal Reserve is putting a lot of weight on this data in their assessment of the overall economy.
Think of it this way: if they don’t feel the employment numbers are good enough, which would be a good assessment, then they will keep rates down. If they keep rates down, the stock prices will stay up (because their debt is cheap, which makes their bottom line look better for attracting investors).
Your Weekend Rate Sheet:
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 in the interest rate. 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.
|MULTI Family /apartment buildings||4.3% 7/1 arm||0 points|
|Conforming** 30 year fixed||3.99%||1 point|
|Conforming 15 year fixed||3.0%||1 point|
|Loan from $417,001 to $2,000,000 30 year fixed||4.125%||1 point|
|FHA under 417k 30 yr||3.75%||Buyer will receive up to $4200 in credit.|
|FHA over 417k 30 yr fixed||3.875%||Buyer will receive up to $6250 in credit|
|Conforming 5 years fixed||2.625%||1 point|
|JUMBO over $625,500 7/1 fixed/ARM||3.25%||1 point|
** Conforming means loans under $417,000. 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.
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.
Have a great weekend.