Mortgage prices are lower (interest rates rates slightly higher) this morning ahead of this week's large Treasury note auctions, which will take place over the next three days.
National Home Sales - Numbers are improving. Credited for drop in inventory are investors buying discounted homes, builder incentives, and first-time homebuyers
- June New Home Sales up 11% (over May)
- 8.8 months of inventory (down)
- 281,000 homes remaining on the MLS
Activity on the Hill - Last week the House Financial Services Committee held two hearings on financial services regulatory reform, and the Senate held a hearing on bankruptcy cramdown.
Interest Rates for Monday, 7/27/2009
Conforming Conventional 30Yr Fixed 5.625%
Conforming Conventional 15Yr Fixed 5.000%
Conforming Conventional 5/1 IO ARM 4.625%
FHA 30Yr Fixed 5.500%
* Above Conventional rate quotes are as of 7/27/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score. APR includes $1,200 in lender fees and 980 in title charges (title charges may vary). FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required. No origination or discount points.