With everyone back into the fall swing and the crisp, cool air reminding us that change is seemingly everywhere, it’s about time we see a change in rate trends as well. Small as though it may seem, interest rates are up by .125% from last week. There was a time when the ebb and flow of week to week rates was considered normal yet since the inception of Quantitative Easing, the mortgage market could never really be termed ‘normal’.
Part of this is a pre-reaction to the Fed Funds statement being released early this afternoon. Everyone believes they know what should be said but the difference between should and is can be a huge swing in the market. Stay Tuned and enjoy these amazingly low rates while we can.
Have a great week!
Rates: 30 year fixed at 4.25% (APR 4.314) and the 15 year at 3.375% (APR 3.474), FHA: 3.75% (APR 5.835): 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.