Aloha Everyone,
Nationally interest rates drop slightly as lower prices on oil ease fears of inflation. Below is market news from the last couple of days as well as a summary of current rates I have access to:
Market Highlights
•· The Federal Open Market Committee (FOMC) is expected to leave rates where they are as they assess the U.S. economy further. They meet August 5th.
•· Bush signs housing rescue law - offering government-backed mortgages to homeowners near foreclosure, and help Fannie and Freddie with "rescue plan".
•· National unemployment up to 5.7%.
•· Mortgage applications down 14.1% week ending July 25th, lowest this year.
Interest Rates, 30 day lock
(compiled from Central Pacific Home Loans, First Hawaiian Bank, Countrywide, Wells Fargo, First Horizon, and more. These are wholesale rates we have access to, often lower then going to these banks directly)
30 yr fixed: 6.125% w/ 1.75 points, 6.25% w/ 1 point, 6.375% w/ .375 points
7/1 ARM: 5.625% w/ 2 points, 5.875% w/ 1.25 points, 6.375% w/ 0 points
5/1 ARM: 5.25% w/ 2 points, 5.625% w/ 1 point, 6.125% w/ 0 points
Products
The following are still available in the market:
•· Stated Income/Stated Assets (will verify employment)
•· 100% Financing on 30 yr fixed (geographic/income restrictions)
•· 90% Financing on Construction loans
•· VA (100% financing)
•· Jumbo Loans
•· CondoTels
Have a great week!
Pete
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