Eric's Daily Rate Watch for April 07, 2010 - Slight Rebound for Rates this morning!

See my full rate-sheet online NOW

Stocks fall back on Greece worries  -  A couple months ago, I mentioned the financial problems in several European countries and Greece was the largest concern.  Those worries seemed to disappear, but have returned this morning as its Stock Market fell big on Tuesday.   Read the full AP article 

More CEOs expect to add jobs  -  First time in two years that more job additions are expected than job cuts.  29% of CEOs expect to add to their payrolls, versus 21% who see cuts.  Half see no change at all in 2010.   Full story

Financial 9/11 - how Wall Street crash changed America forever  -  Many of our country's long-held financial viewpoints were decimated with the market crash.  Is this the end of an era, or business as usual?   See what the experts say  

Mortgage Rates Rising FAST!   Rates have already risen about 3/8% across the board and will probably continue to go up gradually.  Why?  Look at the markets ... stocks are up, jobs are making a comeback, and pending sales are strong.  But the biggest reason is the demand-drop for mortgage-backed-securities, since the Fed isn't buying anymore. The low rates of 2009 are done, but there is still time to get a loan before we hit the 6's again.  Yes, I said 6's, as that's where I believe we're headed by the end of this year, which was the norm in 2008.   

TAX CREDIT ENDS SOON!! Less than a month left for both first-time-buyer credit and move-up buyer credit.  Sales Agreements must be accepted (including 3rd party approval) by April 30th to be eligible.  There is very little sentiment to extend it again, so more than likely this is a solid end date. Read more

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Today's Rates at a Glance  

Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE      APR       P&I Pmt

5.000     5.146      $1342       30yr Fixed

4.250     4.522      $1880       15yr Fixed

5.375     5.543      $1399       30yr Fixed investment

3.750     3.341      $781         5/1 ARM interest-only

4.875     5.728      $1323       30yr Fixed FHA

Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)

RATE      APR       P&I Pmt    

5.500     5.620      $2838       30yr Fixed to $500k

5.750     5.867      $3501       30yr Fixed to $600k

5.875     5.991      $5915       30yr Fixed at $1million

4.250     4.349      $3689       5/1 ARM at $750k

3.300     3.146      $3221       3/1 ARM at $750k

Up to $3million loan amounts available, call for details

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Current Product Offerings Include:   Purchase, Refinance, Construction, Land loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Cash-out, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (close faster with very competitive rates)

Interest rates as of 07 April 2010 subject to change without notice.  Please call for up-to-the-minute accurate quotes and Pre-Approvals.  Pricing based on a single-family primary residence and 30day lock.  FHA, USDA, VA rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for USDA or VA.  USDA has income & property restrictions.  Conventional rates shown based on credit-score of 720 and 80% or less ltv, with impounds. Jumbo pricing based on 80% ltv (fixed) and 75% ltv (ARMs).  Lower credit-score programs may be available at slightly higher rates.  Reduced or "no-cost" loans available upon request.  Other restrictions to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!