This week Mortgage Rates worsened as trading in the secondary mortgage market and beyond grew increasingly volatile. Best-Execution offerings may be the same or slightly higher than last week, but if the rate remains the same, closing costs will likely have increased. Market volatility is a reaction to the situation in Europe and the impending summit this weekend. We have to expect the volatility to continue indefinitely. Treasuries bounced around higher and lower with 10-year notes ultimately closing down 6/33 in price to yield 2.18%. Mortgage Backed Security prices on 30-year current coupon 3.5 and 4.0 were flat to 1/8 point lower/worse.
The general market is -
BEST EXECUTION 30 YEAR FIXED - 3.99% - 4.250%
FHA/VA - More 3.875% today, 3.75% still out there for some.
15 YEAR FIXED - Mostly 3.5%
5 YEAR ARMS - low 3% range, huge variations from lender to lender.
The U.S. Senate voted Thursday to restore higher loan limits, approving, 60-38, an amendment to a federal spending bill that would raise the maximum size of loans that can be guaranteed by government-controlled mortgage companies Fannie Mae (FNMA) Freddie Mac (FMCC) and the Federal Housing Administration. The amendment was sponsored by Sen. Robert Menendez (D., N.J.), but things don't look so good for it in the Republican-controlled House, as many argue that the current reduced loan limits help scale back government support of the mortgage market.
NAR reported this week that Existing Home Sales dropped 3% in September from August but are still up about 11% versus a year ago. The median sales price was $165,400, down 3.5% from $171,400 a year earlier. The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply. Foreclosures and other distressed properties represented about 30% of sales.
30 year fixed - 3.99% + 0 cost points for rate
20 year fixed - 3.875% + 0 points for rate
15 year fixed - 3.375% + .50 points for rate
10 year fixed - 3.250% 0 cost points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate
Jumbo - over 635,000 to 2,000,000
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.250% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.50 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949
Jennifer Buchanan- Your certified expert
on mortgages offering Free Unbiased
recommendations based on your needs.