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Daily Mortgage Update: January 24, 2008

By
Mortgage and Lending with Diverse Solutions

The Dow closed at 299 yesterday, up from a 300 loss. Remember what I told you about the Economics of Interest Rates? More money in Bonds translates into lower interest rates!

Well, we're seeing a slight movement back into Stocks translating into a deterioration in mortgage rates. As such, we experienced quite a bit of mortgage re-pricing with the trend in the upward direction!

Yesterday's Lows:

5.00% (5.131% APR) 30-Year Fixed Rate Mortgage
(80% LTV & Conforming Loan Amount)

Jumbo Mortgage Rates:

5.99% (6.111% APR) 30-Year Fixed Rate Mortgage
(80% LTV | Loan amounts $417,000 to $650,000)

Contact me for pricing on loan amounts greater than $650,000

Disclaimer: Rates are subject to change upon borrower qualification. World Wide Credit Corporation is an equal opportunity lender.

Yesterday's Close:

5.375% (5.509% APR) 30-Year Fixed Rate Mortgage
(80% LTV & Conforming Loan Amount)

Jumbo Mortgage Rates:

6.375% (6.499% APR) 30-Year Fixed Rate Mortgage
(80% LTV | Loan Amounts $417,000 to $650,000)

Disclaimer: Rates are subject to change upon borrower qualification. World Wide Credit Corporation is an equal opportunity lender.

Recommendation: Lock-In your mortgage interest rate at application!

With the Dows close yesterday at 299, Stocks are looking for a reason to rally. Expect Bond market corrections which translate into a deterioration for interest rates (a.k.a. higher interest rates)!

If you missed your rate lock yesterday, you might still be able to lock your rate at yesterday's close but, contact me directly at 323.810.2175 or email me here ASAP!

 

READ HERE for a Definition of Mortgage Rate Locks!

Comments (3)

Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
Thanks for the update.  That is a hot topic this week with the rate drop.
Jan 24, 2008 12:47 AM
Karel Rogers
Real Estate Staging Unlimited - Reno, NV
Thanks for the update there is always good AR info.....
Jan 24, 2008 01:15 AM
Ricardo Bueno
Diverse Solutions - Los Angeles, CA

Karel: thanks for stopping by...glad you enjoyed the information!

Gary: thanks for stopping by as well...glad you enjoyed the information as well!

Jan 24, 2008 01:27 AM