Good Afternoon,
Rates are continuing to dip even further right now and it appears that we may see them hold at these lows even longer with the Federal Reserve’s statement today stating that they will be extending Operation Twist.
Click on the links for more a much more extensive explanation of both of these but the gist is the Federal Reserve’s intent to keep long term interest rates low, which has been directly effective with mortgage rates but is also meant for such items as small business loans. The basic goal is also a simple one: to stimulate the economy and improve overall borrowing and at the same time try and avoid inflation and directly funnel money into the economy which could bring a higher risk for inflation.
Have a great week!
Matt
Rates: 30 year fixed at 3.50% (APR 3.637) and the 15 year at 2.875% (APR 3.118), FHA: 3.25% (APR 4.14): 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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