Looks like a perfect time to purchase a home and/or refinance your existing mortgages. Treasury prices are lower this morning as markets are giving back some of yesterday's gains. Yesterday the Federal Open Market Committee statement was a major market mover. On top of promising to keep interest rates at "exceptionally low levels" until mid-2015, the Fed will buy at least $40 billion a month in mortgage-backed securities to ensure that rates stay low. The US economic calendar remains busy today with data that has not disappointed on consumer prices, retail sales, industrial production, and consumer sentiment. Retail sales in the U.S. increased by 0.9% in August, the most in six months, boosted by demand for autos and higher gasoline prices, as well as back-to-school sales. U.S. consumer prices increased by 0.6% in August, in line with economists' expectations. Excluding food and energy costs, which tend to be volatile, the core price index rose 0.1%, slightly below the 0.2% increase economists had expected. Industrial production fell 1.2% in August, its biggest monthly percentage drop in more than three years, in part because of Hurricane Isaac but also because of a big drop in car output. And finally, Consumer sentiment climbed higher in September to 79.2, the highest level since May. Economists had expected the index to decline to 73.5 from the final August reading of 74.3. Currently, the 10 year yield is at 1.796% and mortgages are roughly an 0.125 to 0.25 worse in price from yesterday morning.
Today's Mortgage Rates
Conventional 30 year fixed 3.5% APR 3.546%
Conventional 15 year fixed 2.875% APR 2.956%
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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The Featured Home of the Week is a three bedroom, three bath home on 1.24 acres on 4 Highwood lane in Westport for just $700,000. See the virtual tour HERE
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If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy
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