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Mortgage Rate Update
Interest Rates Change Daily
Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probability rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, retail sales data, and consumer confidence all have an effect on mortgage interest rates. But the key factor to watch is the relationship between stocks and bonds.
When the economy is slow and the stock market is "bearish," many investors move money out of stocks and into bonds and mortgage-backed securities. This causes mortgage interest rates to go down. When the economy is doing well, the stock market rallies and is considered "bullish." Investors then have a tendency to move their money out of that safe haven of bonds and mortgage-backed securities and back into stocks. As a result, mortgage interest rates go up.
My team and I keep a close eye on mortgage interest rates at all times in an effort to alert our clientele of opportunities to obtain lower financing. Call us for a free evaluation of your current loan program.
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Mortgage Interest Rates for Fixed Rate Mortgages*
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Rates as of Thursday, 22nd October, 2009:
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Term
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Conforming
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APR
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Payment per
$1,000
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Jumbo
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APR
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Payment per
$1,000
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30-Yr. fixed
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360
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5.125%
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5.257%
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$5.44
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5.250%
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5.339%
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$5.52
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15-Yr. fixed
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180
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4.500%
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4.723%
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$7.65
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4.750%
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4.900%
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$7.78
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7-Yr. fixed ARM
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360
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4.125%
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4.250%
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$4.85
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5.500%
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5.590%
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$5.68
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5-Yr. fixed ARM
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360
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4.000%
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4.124%
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$4.77
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5.375%
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5.465%
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$5.60
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3-Yr. fixed ARM
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360
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4.625%
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4.753%
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$5.14
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5.375%
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5.465%
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$5.60
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5-Yr. Interest Only
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360
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4.000%
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4.124%
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$3.33
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5.875%
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5.967%
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$4.90
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FHA 30-year fixed
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360
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5.000%
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5.131%
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$5.37
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5.250%
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5.339%
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$5.52
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*Rates are subject to change due to market fluctuations and borrower's eligibility.
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Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
609-878-7013
kpeidl@linc-mort.com
www.karlpeidl.com
Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.
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© Copyright 2009. All About News, Inc.
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Karl;
Thank you for the rate update, great information