Good Morning,
Okay, I’ll admit with Valentine’s day coming up tomorrow, I couldn’t resist that subject line. We’ll keep this week’s update short and sweet. Rates are continuing to rise. The main culprits this week are Spain showing some positive signs and a less than stellar bond auction by the Federal Reserve kept investor’s money flowing into the stock market, keeping away from Mortgage Backed Securities and Bonds. Invariably, this drives interest rates up.
We hope to see this plateau for a while before continuing the rising trend but the best may be behind us. That being said, we are still in a ridiculously wonderful interest rate market. I remember when getting back to 6% was an amazing site and something every homeowner or new buyer would rush to take advantage of.
Have a great week!
Matt
Rates: 30 year fixed at 3.625% (APR 3.763) and the 15 year at 2.875% (APR 2.922), FHA: 3.25% (APR 4.059): As always rates change with individual credit scenarios and programs, APRs are estimated based off of a $250,000 purchase price with 20% down and a 740 credit score, if you want an exact quote, call. These are not quotes, merely a baseline measure to gauge how rates change from week to week.
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Comments(0)