As is sometimes the case on Monday's, market movements and changes in Mortgages Rates are fairly subdued to begin the week. Mortgage rates are so subdued, in fact, that they're completely unchanged from Friday's levels. While some lenders may be offering slightly lower or higher costs, the average of all the lenders we survey resulted in the exact same Best-Execution 30yr Fixed Rate.
Although Friday marked a noticeable improvement over Thursday, overall, rates remain near the weaker end of their February range with plenty of lenders still offering 4.0% as a Best-Execution rate despite the return of 3.875% offerings from the market leaders.
Today may have been a non-event in terms of rates volatility, but the rest of the week might not be. The Employment Situation Report on Friday is always one of the most important events of any given month for markets. If the report shows stronger than expected job creation, the default response for MBS (the "mortgage-backed-securities" that most directly influence lender's rates) would be to weaken, thus suggesting higher rates (this dynamic isn't a hard and fast rule, but is generally true, and more reliably so the farther away the data reports from the expectations).
The other key event will be the deadline for Greece's private sector bond swap. To oversimplify, EU officials have already decided how much of a loss will be taken by any of Greece's private sector investors (banks, insurance funds, investment firms, etc...) that decide to participate in the so-called swap (investors would swap out current bonds for the less lucrative ones, thus taking a "haircut"). If a sufficient percentage of investors acquiesce to the haircuts by Thursday, it's a net-positive for Greece and the Euro-zone, and likely another challenge for longer term rates in the US.
30-year fixed-3.875% APR-3.924% 0 points
20 year fixed-3.625 APR-3.692% 0 points
15 year fixed-3.250% APR-3.333% 0 points
10 year fixed-3.00% APR-3.123% 0 points
5/1 ARM-2.625% APR-3.091% 0 points
7/1 ARM-2.875% APR-3.127% 0 points
FHA
30 year fixed-3.750% APR-4.659% 0 points
15 year fixed-2.875% APR-3.319% 0 points
Jumbo- over $576,000 (Fairfield County)
30 year fixed-4.000% APR 4.117% 0 points
15 year fixed-3.500% APR 3.574% 0 points
5/1 ARM-3.125% APR 3.419% 0 points
Pat Leary is a mortgage banker with over 12 years experience as a lending specialist in Connecticut. Her passion is to guide her clients through the mortgage process. Pat takes pride on providing great customer service, through communication, trust and integrity, and strives to offer the best mortgage products and service in the industry. We're confident that you will receive the personal attention that you deserve. As a leading Mortgage Banker in Connecticut, Pat is responsible for structuring your financing with the expertise to answer any questions you may have on rates, fees and products.
Pat Leary
NMLS #99279
Atlantic Home Loans
830 Post Road East
Westport CT 06880
203-645-1037 cell
203-691-9788 ext 226
1-203-413-5647 fax