Mortgage bond prices were only slightly higher last week, which kept mortgage interest rates in check, but up a bit due to unfriendly data today. There were rate improvements throughout the middle of the week tied to weaker than expected ADP employment figures. Unfortunately, a lot of those gains were erased Friday morning with the release of the employment report. Unemployment came in @ 8.3% which was better than the expected 8.5% mark. Payrolls increased 243k, which was considerably stronger than the expected 155k increase. Stocks rallied and MBS prices fell as a result.
Below are interest rates heading into the weekend:
Conventional Conforming (loan amounts $417K and below):
30 Year Fixed: 3.875% with 0 points
15 Year Fixed: 3.375% with 0 points
5 Year ARM: 2.75% with 0 points
Conventional Jumbo (loan amounts between $417K-$729,750)
30 Year Fixed: 3.875% 0 points
15 Year Fixed: 3.49% 0 points
FHA Conforming (loan amounts $417K and below):
30 Year Fixed: 3.75% 0 points
FHA Jumbo (loan amounts $417K-$729,750)
30 Year Fixed: 4.00% 0 points
USDA (100% financing):
30 Year Fixed: 3.75% 0 points
State/County Housing programs:
HOC/FHA 30 Year Fixed: 3.625% 0 points
HOC/FHA 30 Year Fixed: 4.00% 0 points (3%, 0% purchase assistance available)
CDA/FHA 30 Year Fixed: 4.00% 0 points ($5K, 0% purchase assistance available)
**All rates are subject to change at anytime without notice. Pricing is subject to qualifying.
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