Interest Rates Improve Slightly After August Jobs Report, FED meeting 10 Days Away

September 2015

Happy Labor Day!!

Interest rates improved slightly last week with the Mortgage Backed Security (MBS) market closing up + 16 bps for the week. This was welcome news after interest rates drifted higher the week before after hitting 3 month lows.

30 year fixed rates are now available at 3.875% paying .81 points (4.03% APR), and 4.125% paying 0 points (4.17% APR). 15 year fixed rates are now available at 3.125% paying .47 point (3.21% APR), and 3.25% paying 0 points (3.29% APR). **Priced with 740+ credit score, rate and term refinance at 75% LTV**

The big news last week was the August Jobs report released on Friday. Job creation was at the lowest level in 5 months but the previous 2 months numbers were adjusted higher. Unemployment fell to 5.1%. Although unemployment falling is a positive – the reality is 90% of consumers still have less disposable income than they did before the 2008 financial crisis and many of the jobs people have are jobs they really don’t want.

On 9/17 – the Federal Open Market Committee (FOMC) will decide if they want to raise the Federal Funds rate. With signs of weakness still prevalent in the US economy and the global economy declining – I don’t think they will raise the Federal Funds rate but at this point no one knows.

We are still in a very volatile time with uncertainty in the US and global markets.

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Below are today’s interest rates. Have a great week!!

TODAY’S INTEREST RATES:

30 year fixed:       3.875% – .81 points (4.03% APR),       4.125% – 0 points (4.17% APR)

20 year fixed:       3.625% – .96 points (3.81% APR),       3.875% – 0 points (3.9% APR)

15 year fixed:       3.125% – .47 points (3.21% APR),        3.25% – 0 points (3.29% APR)

10 year fixed:        2.75% – .95 points (2.94% APR),         3.0% – 0 points (3.04% APR)

5/1 ARM:        3.0% – .8 points (3.16% APR),         3.375% – 0 points (3.4% APR)

7/1 ARM:         3.25% – .81 points (3.41% APR),         3.625% – 0 points (3.66% APR)

30 year fixed FHA:        3.625% – .88 points (4.5% APR),         3.75% – 0 points (4.55% APR)

15 year fixed FHA:        3.0% – 1 point (3.5% APR),         3.375% – 0 points (3.67% APR)

30 year fixed VA:         3.75% – 0 points (3.79% APR)

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Interest Rates Improve Slightly After August Jobs Report, FED meeting 10 Days Away