Good morning. I hope everyone had a great weekend. Here is a quick update on mortgage rates today. The Fed gave Fannie and Freddie access to the emergency discount window, and mortgage bonds are suddenly a hot commodity again. Thus, rate are better today than when we left work Friday. Par rates are at or near:
- 30 year Fixed - 6.00%
- 15 year Fixed - 5.50%
- 5 year ARM - 5.50%
Please stay tuned for future updates. We've gotten back over half of what we lost on Friday's major move downward. I'm going to keep floating, as cooler heads are prevailing.