Every Thursday, I send out an email to all local Realtors, titled, "Rate Knowledge going into the Weekend." It includes commentary on the current state of the market and mortgage interest rates and a list of rates and programs. I will also include that information here each Thursday, for anyone interested. It's a concise way of keeping up on rates and also can be helpful when you are working with clients over the weekend and they want more information on where rates are at and where they may be headed. Many local Realtors print them out and use them on the weekend and will often call me during that time to pre-qualify a client. It can save you Realtors a lot of wasted time, if you find out you're spending your weekend showing property to potential buyers who won't qualify or don't really know what price range they are realistically in. I hope you find it useful!! :-)
RATE UPDATE: Slight Rise in Rates from last week
Due to a lack of significant economic news this past week, mortgages rates didn't change much. It was mainly a week of waiting to see what Fed Chairman Ben Bernanke would say during his semiannual appearance in front of Congress, in which he testifies on the economy and monetary policy.
Basically, Bernanke's testimony did little to shake things up. The economy (in simplistic terms, of course) is running fairly smoothly and it looks as if the Fed intends to keep the Federal Funds rate steady, at 5.25%. With little evidence of growing inflation, hopefully mortgage rates will either stay where they are or possibly fall.
Expect a home refinancing boom in '07?
Experts are predicting that 2007 could bring a refi boom, due to the many borrowers who are almost up on the adjustable-rate mortgage terms. With rates fairly low and fixed rates virtually on par with ARMs, it's a good time to consider a change into something more secure.
Rates for Thursday, February 15, 2007:
These rates are all at Zero Points:
Conforming 30 Year Fixed is at 6.25% and conforming 15 year fixed is at 6.125%.
Jumbo 30 Year Fixed is at 6.5% and jumbo 15 year fixed is at 6.25%.
Conforming 5/1 ARM is at 6.125% and conforming 3/1 ARM is at 6%.
Jumbo 5/1 ARM is at 6.375% and jumbo 3/1 ARM is at 6.375%.
Jumbo 5/1 ARM Int. Only is at 6.375% and jumbo 3/1 ARM Int. Only is at 6.375%.
Jumbo 1 Month MTA/Pay-Option ARM is at 1%-1.5% Start Rate.
The 12-MTA Index is at 4.933%.
The 11th District COFI is at 4.358%.
The 10 Year Yield is currently at 4.7%.
The Federal Funds rate is still 5.25%, with the Prime Rate remaining at 8.25%.
Comments(0)