Mortgage Rates 8/25/2010

Rates remain strong, while continuing to show that there is simply no room for rates to go down, barring a major unforeseen event. FHA is a solid 4.25% with zero points, Conforming mortgages can be bought down below 4% and Jumbos are a solid 4.375% with zero points as well. Check out my rate chart for updates...

Mortgage Rates 8/19 - Rates hold strong

Mortgage rates managed to recover yesterday's losses on the heals on more negative employment news. We do have a firm floor on rates right now, the only thing that will likely break that floor will be economist confirming our fear of a double dip rescession. Enough of the bad news, the good news is that 30 yr mortgages can be had for 4.25% with zero points! Call me today!

Mortgage Rates 8/18 4.25% zero points!

Sorry for the lack of updates, the only thing to update has been that mortgage rates have been pretty stagnant for the past 2 weeks. As I have mentioned several times in previous posts, there is very little room for rates to actually move lower. Remember, we will not know for sure that we have hit a floor until rates go up! Locking is reccomended.....Check out my rate chart for today's interest rates

4.25% 30 yr fixed - ZERO POINTS

Yesterday, the FED re-iterated that the economy is indeed slowing. This has prompted that they revisit quanititive easing. A mortgage guy hearing quantitive easing is like hearing someone say "free beer".We have once again entered unchartered waters as 4.25% 30 yr fixed is widely available with zero points. It is possible to buy your rate down below 4%!  Now, before you get too excited about rates dropping below 4%, I must point out that we do have a floor of sorts as there is currently no mortgage backed security coupon being traded below 4%.  There is only so much room for rates to go down and I am taking the stance that locking a rate is the best move and not to wait for a ship that may never come in. Regardless, it's a great day to refinance your home!

Rates still on the floor

Sorry about the lack of updates this week. There has been very little update as rates have moved sideways all week long, further proving that we have hit a firm floor with interest rates....for now. The milllion dollar question is, will we see 4% 30 yr fixed interest rates with zero points? I think it is possible, I would not bet on it though. With deflation now becoming a serious concern and the FED considering the idea of re-instating the MBS purchase program, we could see rates break range and move down even further. The problem is, this will also be an indicator as to how screwed our  economy really is. My advice is to lock in an interest rate at or below 4.5% now and discuss rate float down options with your loan officer. Rates are updated on my rate page. Have a great day!