Good afternoon,
Ahhh, life with a Toddler in daycare. If I hadn’t been home with Bronchitis last week, I would have sent you another market update stating that rates had risen slightly across the market. As the nurse told me: ‘this will be the sickest year of your life’ and so far she’s been spot on. I love seeing my little girl when I pick her up each day, but the new germs she brings home with her each day, not so much. That being said, interest rates across the market are virtually identical to where we were at two weeks ago but we may see them tick up again by the end of the day…
Here’s why: Ben Bernanke, Chairman of the Federal Reserve is speaking before the House of Representatives right now and investors in the market typically react to the perceived nuance’s of his testimony. Depending on his outlook of the economy, we will either see the stock market improve or the stock market drop. If the stock market soars today, odds are you will also see interest rates impacted negatively and vice versa.
So, outside of interest rates and the market yesterday, does anyone know where Governor Mark Dayton had lunch yesterday? He was in White Bear Lake, two tables away from us at a little Italian joint called Donatelli’s. That was an unexpected treat for us as long as the camera’s didn’t catch that meatball rolling down my shirt.
General market rates are below, have a great week!
Rates: 30 year fixed at 3.625% (APR 3.89) and the 15 year at 2.875% (APR 3.13), FHA: 3.5% (APR 4.26): 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
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
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