Good Afternoon,
First off, my thoughts go out to Oklahoma today. As a parent, the news of the children always resonates strongly with both myself and my wife. The rebuilding will take time but will never replace all that was lost emotionally for anyone there or connected to the families there.
I was hoping to share with you the news about a drop in interest rates this morning as they started out almost a quarter percent lower first thing this morning. Then Ben Bernanke eased investor’s concerns about changes in the current policies. Bernanke expects to keep the current policies in place regarding both short term interest rates and the funneling $85 Billion per month towards Mortgage Backed Securities, which is keeping the rates you see below much lower than they would be without this program in place.
We may see rates rise even further today but I would still expect to see a market correction in favor of interest rates going lower over the course of the next day.
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
<!--[if !supportLineBreakNewLine]-->
<!--[endif]-->
Comments(0)