4.25% 30 yr zero points!

Rates took another dip today. 4.25% 30 yr fixed is available with zero points for FHA. 4.375% fixed for conforming and 4.375% FHA JUMBO! We have never seen rates like this.

Mortgage Rates 7/28

After a much needed and much too short vacation, I am back. I would recap what happened in the markets over the past 2 days, but that would involve me reading about the markets, which I did not do while I was gone. I can say that things seem to be very much where I left them on Friday. we are working in a range with rates around 4.25% with less than 1 point and 4.5% with zero points, 4.375% fixed is available with zero points for the very besr borrowers. I'm about to update rates now, expect little change.

Mortgage Rates 7/23

Rates are virtually unchanged today. I am still seeing 3.875% 30 yr fixed on the board. I will be headed to Rehoboth tomorrow for a little r&r with the fam. Not sure if I will be able to update rates on Monday and Tuesday. Call my cell with questions 301. 275 7596. Enjoy the HOT weekend. Rates are updated on my mortgage rate grid.

Mortgage Rates 7/22 3.875% fixed is on the board!

Mortgage Rates at all time lows 7/22/10

3.875% 30 yr  fixed is probably a bit too expensive to consider. I wanted to put it there because I have never seen it before. Overall, rates are as strong today as they have ever been! No closing cost streamlines are being done as low as 4.5%, Jumbo mortgages are at 4.5% , conforming are being done @ 4.25%. I have never seen anything like this. If you are someone that has little to no equity, you need to contact me to find out if you are eligible for a HARP loan up to 110% of your homes value with no mortgage insurance  at 4.5% fixed! Rates are updated on my mortgage rate chart.

No Closing Cost FHA streamlines as low as 4.5%!

Rates have continued the go lower! I'm working on my rate sheet now, what stuck out at me was that I can offer FHA streamlines to borrowers with 720+ credit and loan amounts greater than $300,000 with little or no closing costs at 4.5% for loans locked for 30 days!

Rates IMPROVE mid day

Prices for Fixed rate mortgages improved by .25% , Which means that NO CLOSING COST streamline refinances are now attainable at 4.5%! Call or email for a rate quote!

Mortgage Rates 7/21/10 FHA VA Fannie Mae

Rates have been updated on my mortgage rate chart for today. We continue to stay within the range that I have previously discussed. I am starting to see 4% 30 yr fixed show up on rate sheets, while the price to receive that rate is a bit prohibitive, it is an encouraging sign to see it available. As has bee the case for the better part of July, 4.5% is the going zero point rate for upper crust borrowers. As the market shows it's hand, I am becoming much more optimistic that rates will hold long term (long term is 45 days in mortgage speak).  I try to use this space to be more informative than "in your face sales person", but everyone once and a while, I have to say "What are you waiting for, call me!" Have your friends call me, relatives, neighbors! DO IT!

4% 30 yr fixed is on the board

For the first time ever, I am seeing 4% 30 yr fixed on rate sheets. It is not cheap; as it cost close to 2 discount points, but it is attainable. 4.25% fixed can easily be had today with about 1 discount point paid upfront and 4.5% is available for top end borrowers with zero points upfront. Have some credit issues? Check out FHA mortgage rates, the credit restrictions are not as tight and you can get 4.5% fixed with a score of 660 or greater and a loan to value up to 96.5% for an FHA purchase.

Mortgage Rates 7/16/10

Glad we all survived the great Germantown earthquake of 2010.  Rates opened strong again, 4.25% fixed is clearly in play today for top shelf borrowers. FHA mortgages seem to be the most aggressivly priced for both conforming loan amounts and FHA jumbos. Both products can be had for 4.5% with zero points today! That's right JUMBO mortgages at 4.5% with zero points! It's a great day to lock in your rate; Have a great weekend!

Mortgage Rate Forecast 7/15

Rates look to remain at or near all time lows upon opening today. Check out Adam Quinones @ Mortgage News Daily for a detailed explanation as to why.  The basic reasons are this:

• Prices are showing declines in food and energy categories. (This is the opposite of inflation, which we all fear
• Business conditions in New York are weakening, since New York is the only state in the country that matters (if you ask anyone from New York) this is important
• Jobless claims did beat expectations, but this was seasonally adjusted and offset by the previous two points

Long term, with no worries of inflation on the horizon and the economy showing signs of the dreaded double dip, we do have a chance to make a run at the illusive 4% fixed mortgage rate that so many have been waiting for. The question is, do you wait for a ship that may never come in, when you already have the boat you need sitting at the dock? This is a personal decision, but I always go for instant reward and avoid risk at all cost.  Rates will be updated on my mortgage rate chart by noon today.

Mortgage Rates 7/14/10

UPDATE 11:45 am : TODAY'S MORTGAGE  RATES POSTED ON RATE CHART

Look for rates to open flat to slightly better as rate sheet influential mortgage backed securities continue to outperform bonds amid solid earnings reported on Wall Street. All eyes will be on the FED at 2pm as the minutes from the June meeting are released. All signs currently point towards a solid day for mortgage rates. My mortgage rate chart will be updated by noon today. I've seen a  spike in Jumbo FHA streamlines recently, many of these loans were done @ rates of 5.5% or higher. If you have a Jumbo FHA mortgage, you could streamline with no appraisal and no closing costs at 4.75% in most scenarios.

Mortgage Rates 7/12/2010

Mortgage rates are largely unchanged today, but a mid-day reprice for the better could be on the horizon as rate sheet influental Mortgage Backed Securities are rallying as I type. Check back later for an update.

Busy week ahead for the mortgage market

Last week we saw virtually nothing happen, this week is jam packed. On tap we have 3 treasury auctions, a statement by Ben Bernanke, and a slew of earnings reports. All 3 of these items by themselves would move rates, all 3 together and they could simply counteract each other or they could drive rates sharply in one direction. While I always root for lower mortgage rates, I am defensive against rates rising. With that, I expect loan pricing to open strong today and I advise taking advantage of it. The risk of waiting does not outweigh the reward of locking. For FHA and Conforming mortgages, I expect 4.25% 30 yr fixed to be in play with about 1 point upfront and 4.5% should be around PAR today. Mortgage rates will be updated around 11:30 today, check out my daily mortgage rate chart at that time.

Mortgage Rates 7/9/10

Interest rates for today have been posted on my mortgage rate chart for MD, VA and DC. As predicted, little has changed. I am being a bit defensive againast an afternoon re-price for the worse, I have no data to support this, just a feeling.  Please email me directly for a custom rate quote. If anything changes, I will let you know. If not, have a great weekend!

What will mortgage rates do today?

Over the past two days, we have seen the stock market gain over 350 points and we have only seen minimal losses for mortgage rates. Today, the stock market appears poised to give back some gains, which should be good for mortgage rates. As I write this, we are still 2 hours away from most lenders issuing today's rate sheets, so a lot can change. I do anticipate rates to remain similar to yesterday's close. This means that a 4.5% 30 year mortgage should still be the prevailing zero point rate for top end borrowers. 4.25% mortgages will be available as well at a reasonable cost. With a glut of data due next week and the fact that  we have seen firm resistance to rates going lower, that makes rates rising the most likely scenario. I am not predicting that we will jump over 5% , I'm not even predicting that rates will rise. What I am saying is that mortgage rates are unlikely to go much lower. Without a lot of room to improve and an abundance of room to worsen, the risk of floating does not outweigh the reward of locking!

Rates improve late day

This afternoon, stocks stalled and rates picked up some of the early losses. Overall, fixed rates improved by .125% to price on average.  So, if 4.5% cost .125% in the morning, it was available with zero points in the afternoon. Not much data to shake things up tomorrow, continue to monitor the 10 yr treasury yield, which will take direction from the stock market. Next week will be more eventful with 3 treasury auctions on tap. I continue to maintain a bias towards locking your loan if you anticipate closing in the next 30 days.

Rates hold steady, BUT.....

We have broken a key resistance point in the bond market, as yields are now over 3%. In predicting where rates are going to go, we are always looking for "floors and ceilings" When we break through a "floor" (a point of resistance that we kept bouncing off of) rates will improve and the old floor becomes the new ceiling (a point of resistance that we keep hitting out heads on). 3.00 in the bond market was a ceiling, it is now a floor. Until we break that floor again, rates are unlikely to improve. With that, I am now STRONGLY recommending that you lock your interest rate while they are still at obscenely low levels. And of course, you can find today's mortgage rates on my daily rate chart.

Mid day mortgage rate change for the WORSE.

In a short week without new economic news, mortgage rates will move gradually with the sentiment of the market. This morning, stocks were lower and rates improved. This afternoon, stocks improved and rates got worse. Nothing to panic about, we are still well within the range that I had previously discussed. However, 4.375% fixed with zero points is off the board....for now

Today's rates 7/7/10

With no data to churn the pot, rates remain on the floor today. In fact, they are a touch better. For the very best loans, 4.375% fixed is attainable with zero points. As I mentioned earlier in the week, this is a slow week for the market and the week should be without a large shakeup in rate.  I have seen increased activity in the FHA streamline market, particularly with jumbo FHA streamlines. These are available with zero closing costs with rates well below 5%. FHA streamlines as low as 4.25% are also available, but they will likely require a large out of pocket investment.  As always, mortgage rates are updated on my daily interest rate chart. And finally, Happy 3rd Birthday to my son Mason!

Rates IMPROVE mid-day 7/6/10

Due to improved market conditions, we have seen a small improvement to rates! Check out my mortgage interest rate chart for details.

Mortgage rates 7/6 are still low, but it is too hot outside to care!

I hope that everyone had a great holiday. I had a fantastic time with the kids in Baker Park in Frederick on the 4th, If you are ever looking for a great way to spend the 4th, I recommend a day at Baker Park.  Now, onto mortgage news....There is not a lot of news to report today or to look forward to this week. I look for rates to stay within the range that we have been for the past couple of weeks. That does not mean that you should float your interest rate, it is actually quite the opposite. While we have nothing obvious that can move rates lower, it is quite possible that rates could drift higher as the week progresses. As I have said many times before, if you can get to 4.5%,  lock and do not look back. As always, rates are updated on my mortgage rates chart. Have a great day!

Mortgage Rate Influental Non Farms payroll report is in...

As I have said before, negatives for the economy = positives for mortgage rates. Watching these things unfold is kind of like rooting for the opposing teams quarterback to break his leg. You don't want him to get hurt, but you also do not want him to beat you.

June saw -125,000 jobs versus the projected figure of -110,000. It is not the fact that jobs were lost that move the market, it is the fact that MORE than expected were lost. This comes on the heels of +433,000 for May. Get used to hearing the term "double dip recession" over the next several days. Traditionally, this would result in IMPROVED MORTGAGE RATES. It appears that rates are so low right now that they have very little room to move lower. What this will do for at least the short term, is keep interest rates at these historic lows. As has been the theme, expect to see 4.25% fixed in play for upper crust borrowers with about 1 point and 4.5% 30yr fixed with zero points. Jumbo mortgage rates are also knocking on the 4.5% door as well. Even if you have a great rate, it is worthwhile to explore refinancing today.

Interest Rates unchanged

Check the interest rate page for today's rates

Today's mortgage rates outlook

Look for rates to remain unchanged this morning. Update to come @ 11:30