Mortgage rates have been on the rise in the past two weeks, but it still is a perfect time to purchase a home and/or refinance your existing mortgages. Treasuries are flat to open the morning, as investors wait to see what Bernanke will hint at during his speech from Jackson Hole. No one expects him to announce the plans for QE3, however investors are hoping for clues as to the potential release of the easing, some hoping for as soon as the Fed’s next meeting in a couple weeks. Today’s data has taken a back seat to the speech, but the calendar was busy nonetheless. The University of Michigan's consumer sentiment index rose to 74.3 in August, compared with initial reading of 73.6, showing an improved view of consumers about the U.S. economy. New orders for U.S. factory goods rose 2.8% in July, posting the biggest increase since July 2011 and rising for the second time in three months. The markets are closed on Monday in observation of Labor Day, however will be very busy with the shortened week. The ECBs meeting takes place on Thursday, Nonfarm Payrolls will be released on Friday, and another round of auctions will take place. Currently the 10 year note is at 1.634% and mortgages are roughly unchanged from yesterday morning.
Today's Mortgage Rates
Conventional 30 year fixed 3.625% APR 3.671%
Conventional 15 year fixed 3.00% APR 3.081%
Conventional 5/1 ARM 2.5% APR 3.036%
Conventional 7/1 ARM 2.75% APR 3.065%
The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 740 and a 20% down payment.
This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.
As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.
With more than 10 years of mortgage lending experience, Nima specializes in Conventional Mortgages, Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)
NMLS #110681
send Nima an email
Mobile: 203-913-6016
Fax: 877-804-5752
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