Wild swings are not limited to the stock market as mortgage rates also swung swiftly throughout the week, ending with an improvement versus last week. 30 Yr Fixed Rate conforming loans locally are in the 6.25% to 6.625% range depending 1 point to no points (along with other credit factors); 15 Yr Fixed also improved, now ranging from 6.125% to 6.50%. ARMs continue to show a broad range with interest rates on 5 Yr ARMs ranging from 5.625% to 7.00%, depending on one point to no points.
SOME GOOD NEWS HERE: While Jumbo loans rates among local lenders are still frozen in the 8.00%s, there are some niche lenders offering some pretty great Jumbo rates: 30 Yr Fixed Rate Jumbo loan (up to $900,000) are as low as 7.00% with 1 point; 15 Yr Jumbo loan rate up to $1,500,000 is as low as 6.375% with a half-point. Niche Jumbo lenders are offering the 5 Yr Interest Only ARM as low as 5.875% and zero points/zero loan origination fee, up to $650,000. The loan allows a middle credit score as low as 650.
Comments(0)