Rates stay on the floor. 4.25% is still available

Quick update and then I have to get back to working on your loans! Rates have been updated on my interest rates page.  Here is where we are :

The treasury and mortgage markets have been on a steady climb as of late. There continue to be signs that the economic recovery and housing, in particular, have hit some bumps in the road. Home sales in May were very disappointing after big gains were seen in March and April as a result of the homebuyer tax credit. Some housing analysts are predicting further dips in home prices ahead. European woes and reported slowing growth in China have added to the strength of the treasury market while putting pressure on stocks. The highly anticipated Unemployment Report for June will be released on Friday. 

While the there is plenty of temptation to float your interest rate, we have found a bit of a floor @ 4.25% fixed with about 1 point upfront  and 4.5% with zero points. Although all indicators point toward a continuance of negative economic news world wide, I do not advise floating when rates are this low. LOCK YOUR LOAN! Even though we are clearly busy, I do have plenty of room on my desk for your mortgage application!

Mortgage Rates back down on the floor...4.25% fixed in play

Not a whole lot of time to write a synopsis of the day, you just need to know that rates have improved again and we are back to the lows of my lifetime, your lifetime or any other lifetime. The word of the day is LOCK!  Click the interest rate tab for today's rates.

Will rates dip below 4.25%?

I read the writing of Adam Quinones @ mortgage news daily religiously, if you ever want to try to understand how interest rates work, I suggest following Adam. He wrote great wrap up of the week that was and a look ahead. The long and short of it is, even if prices and yields point towards LOWER interest rates, there still needs to liquidity to make this happen. i.e investors that are willing to purchase these low margin securities. As of today, that liquidity does not exist. Barring the dreaded "double dip" recession, the liquidity needed to support interest rates below the hard floor of 4.25% will probably not occur. In short, it is not impossible for rates to drop below 4.25% or even 4%, but it is highly unlikely.  When you are making your decision as to whether lock, float or just wait, ask yourself this : Would you rather take a guaranteed $100 today, or hold out for a 20% chance of getting $200 tomorrow while risking the $100 that you already have in hand?  This is not about being conservative or aggressive, this is about being smart. Stay cool this weekend, and GO TEAM USA!

Today's mortgage rates and what we learned yesterday

Mortgage rates opened HIGHER this morning as investors saw a huge increase in locks yesterday amid record prices for lower coupon mortgage backed securities. This morning we saw lenders padding their rate sheets as they now have more loans than they know what to do with. We did see some marginal improvement around lunch time that put us close to yesterday's prices, particularly for the higher coupons (4.75% and above, and yes I did just call 4.75% high. Felt weird to type that) So, we have seen what happens when rates approach 4%, everything goes crazy and they back up. This is called RESISTANCE. For those out there hoping or foolishly waiting for rates below 4.5%, don't do it. The market has shown it's floor and we are currently hovering over it. Do not be concerned with what interest rates were yesterday, instead concern yourself with where they are today. With that, I still recommend locking your interest rate and hope for rates to improve so that you can float down prior to closing.

4.25% fixed is still in play, but.....

**UPDATE 3:30 pm** As predicted, rates have WORSENED by .25% to price. i.e if 4.25% cost 1.25% this morning, it now cost 1.5%

Beware of afternoon reprices for the WORSE. As I write this, we are minutes away from getting the results of a 7 yr treasury auction that could negatively impact rates. Yesterday's 5 year auction was met with extremely weak demand, but we were able to push that aside based on the FED's statement. So, I am sticking to my recommendation to lock in at these crazy low rates and not to be concerned with what tomorrow will bring. As always, rates are updated on my interest rate page

The FED has spoken.....

And it is good news.....if you are in the market for a mortgage that is. Here is my breakdown of the what the FED had to say:

Economy recovering, slow and steady , overseas issues will slow things further domestically, inflation is in check and the FED funds rate is to remain unchanged for the foreseeable future......

So, in a nutshell, the  economy still sucks and will suck for a very long time. Toxicity overseas will slow our recovery even more, which is only fair since it was our toxicity that started theirs. (Bernanke managed to leave that last little nugget out) As a result, our mortgage rates should remain low.

Today, rates opened at levels similar to yesterday, which is very good. I do not anticipate rates to improve today, but tomorrow is another day. I will continue to recommend locking while we are staring at rates in the mid 4's. Now would be the time to tell a friend about me.....

Mortgages Rates remain at all time lows ; awaiting FED statement

Mortgages Rates today remain at all time low's, The FED is set to issue their statement on monetary policy and interest rates around 2pm. Click the Interest Rate tab at the top of the page to view today's mortgage rates and check back around 2:30 for market reaction to the FED

Did I say 4.375% fixed? I meant 4.25% Fixed

For the first time that I can remember, I am seeing 4.25% 30 yr fixed mortgages being offered with reasonable points today (less than 1.5 , click here if you do no what points are on a mortgage ). FHA as usual, has the most aggressive rates, followed by conforming, VA and then Jumbo. Tomorrow, we have the FED's announcement on interest rates and monetary policy to look forward to, So I do recommend that you lock your interest rate today.
"FED day" always presents us with the possibility of a large rate swing in either direction, since I do not believe that we have much room to move down, that only leaves us with one possibility (I'll give you a hint, it rhymes with "tire", I'll give you another hint, it's HIGHER). Call your loan officer today and lock your rate, if rates do go down, who cares. Take 4.5% FIXED with zero points and run with it if you can get it.  Remember, all mortgages are not created equal, your loan will be subject to many "loan level pricing adjustments", most of these will make your rate worse, some will make your rate better, but the good ones are probably factored into any rate that is quoted online.  Click on my Request a Rate Quote tab to get your no obligation quote NOW!

Mortgage Rates still holding gains. 4.5% fixed and below are available

This morning the market gave back a small portion of last weeks tremendous gains. We have rebounded and mortgages rates are right now right about where they closed on Friday. This means that 4.375% fixed is available for a reasonable price with most mortgage lenders. This week we do have one our biggest market movers, as the Federal Reserve will issue a statement on mortgage rates this Wednesday. I expect rates to remain in their current range for the next 48 hours and then seek guidance from the FED statement. While I do not believe there is a lot of room to move lower in rates, there is always room to move up. With that, I reccomend locking.  Today's rates are posted under the TODAY'S INTEREST RATES tab above.

4.375% fixed mortgage is on the board

Click on the "Today's Rates" tab above for all of today's mortgage rates. We are seeing FHA and Fannie loans available below 4.5% today. FHA Jumbos are VERY strong at 4.5% with just .5 discount point.

Interest rate watch 6/18 MD | VA | DC

We saw a nice rally in the bond market yesterday, which resulted in most lenders repricing for the better. It is now possible to lock a rate below 4.5% with reasonable points.  Today, I would not be surprised if we gave back a small portion of our gains from yesterday. With no big news in store, today should be uneventful from a rate standpoint. Next week, the FED holds a 2 day meeting that will conclude with an announcement on interest rates on Wednesday. That statement will likely show us our direction for the  better part of the summer. 

SHOULD I FLOAT OR SHOULD I LOCK?

If you have to ask yourself this question, you need  a reality check.  Currently, all rates are BELOW 5%! Lock!  VA , FHA, Fannie Mae, JUMBO etc.... With many programs having options at 4.5% or even lower. It's time to lock and not look back.

MD | VA | DC Mortgage Rates 6/17 | Tax Credit update

Please note that I have added some new tabs at the top of the blog, I have included an interest rate chart that I will update daily, as well as a new contact form. This should make for much easier navigation. I also have over 100 pages of informative content @ www.marylandmortgagerate.net for your viewing. Please utilize my live chat box to the right for instant answer directly from me. Onto the market.....

The market remains virtually unchanged from yesterday. As far as I am concerned, no news is good news when I can offer 4.5% 30 yr fixed rates.  There is a lot of other noise going on in the mortgage market currently. The Senate passed a 90 extension to the first time home buyer tax credit, this would give first time home buyers until 9/30/10 to take advantage of the tax credit. This will only apply to buyers that had a contract in place prior to the 4/30 deadline.The bad news is, the house recently passed HR 5072 FHA reform bill, this would significantly raise the monthly premium paid by FHA borrowers, it will also give FHA the ability to terminate national lenders on the merits of there regional partners. I'm fine with FHA terminating bad lenders, I do have a problem with the tripling of monthly MI. Stay tuned....

Mortgage Rates 6/16/10 FHA | VA | Conforming

Look for mortgage rates to open strong today as the market digests much worse than expected new housing starts. 4.5% 30 yr fixed will remain in play with 1 point or less for lock periods 30 days or less. If you currently have an FHA or VA loan at 5.25% or higher, now would be the time to inquire about an FHA streamline mortgage or VA IRRRL loan. No Closing Cost options are very attractive right now as they are typically being offered below 5%. As always, you can check out www.marylandmortgagerate.net for daily mortgage rate quotes

Rates stay low. No Closing Cost mortgages are attractive too....

Mortgage rates are still well below 5%. No closing cost refinances are very good options right now, as no cost refinances are available  around 4.875% fixed. Purchase money can be had around 4.5% with 1 point, for zero point loans, 4.75% seems to be the prevailing rate today. Daily mortgage rates posted @ http://www.marylandmortgagerate.net/todays-interest-rates

4.375% 30 yr fixed | MD | VA | DC | Today's rates

We are at our lows for 2010 and near the record lows that we saw in 2009.  Currently 4.375% is available! Check out my new site http://www.marylandmortgagerate.net/ for all of today's interest rates!