You have finally made it to another weekend! Sales will be either better, flat or worse this weekend and I can predict that with100% accuracy. What you know tomorrow that you didn't know yesterday will be of great value to you as you speak with clients! One major word about the rates I have been publishing is this: These aren't some pie-in-the-sky 1-800-BIGBANK-DOTCOM television advertised rates that one in a thousand, if that, can qualify for. These are the real deal every day rates for normal people with 20% down, 680 credit scores, full time jobs, etc.
With the failure of many secured investment vehicles we have once again returned to keeping our eyes on the bond market. If you see the bond market strengthen then in the next 12 business hours or so you should see rates flatten or decline. Conversely if you see the bond market declining you should see interest rates raise. Of course there are mortgage rates tied to other indexes such as the ever popular London Interbank Offered Rate or LIBOR. To predict the movement of the rate for the LIBOR index loans you simply need to watch the LIBOR. If the LIBOR numbers go up so does the interest rate for the mortgage based on the LIBOR index.
The above paragraph, of course, is greatly simplified. It doesn't take into consideration a "shifting" bond market when the dollar is also changing in value and what we really look at most closely is the ten year treasury constant maturity. I'm not going to explain that here ;)
Can we give a better rate? Of course! The borrower can pay points just like they have to on The Liar's Club website that you see echoed across the great digital universe. These rates are for $240,000 loans against $300,000 homes (except the jumbo) with average closing costs for loans in the state of Georgia. I used the figure of $5000 in total settlement costs (not including pre-paid taxes, pre-paid insurance and government fees).
Today I have added the P&I payment for each loan amount based on the figures for a $240,000 or $1,000,000 loan for the jumbo.
Today's Mortgage Interest Rates for GEORGIA HOME LOANS
IMPROVED ▼
| LOAN | RATE | APR | Monthly P&I | |
| Fixed 30 | 5.750 un | 5.965 |
| |
| Fixed 15 | 5.250 ▼ | 5.360 |
| |
| 7/1 ARM | 5.500 ▼ | 5.920 |
| |
| Flex100* | 6.125 ▼ | 6.214 |
| |
| Jumbo† | 7.000 ▼ | 7.062 |
|
Rates provided by Novation Mortgage, a Georgia Residential Mortgage Licensee Number 20014. Headquartered at 2501 E Piedmont Road, Suite 201, Marietta, GA 30062. A Direct Mortgage Lender and Equal Housing Lender. Based on a $240,000 loan with 20% down or 20% equity on rate and term refinance. Middle credit score of 680 or higher on a Georgia primary residence single family detached home. Borrower must meet standard conforming (FNMA/FHLMC) loan guidelines. This is not a commitment to lend and rates are subject to change without notice. NOTE THERE ARE NO DISCOUNT POINTS ON THESE LOANS. 15 day lock, fully documented income and assets. Total settlement costs less than 3%. Does not include pre-paid items such as appraisal, taxes, insurance or government related fees. * PMI of 35% is required (ask about the Flex97/3 with only 18% MI) † Loan amount of $1,000,000
You can always check daily rates here and they always are with no discount points and show the APR.
WEDNESDAYS AT 4 PM EASTERN
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Topics include the real estate market in general, interest rates, short sales, declining markets, buyer trends and much more!
Hopefully I'll see each of you there and I want to get around to each of you as a guest speaker as soon as we get the bugs ironed out.
(You'll have to follow one more link from that site for now. Hope to have that cured very soon!)
, FHASecure and FHA Home Loans, nationwide commercial hard money and small business loans, non-recourse loans for real estate investors
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