Weekend Interest Rates

Rates rose sharply this week as investors sold off both stocks and mortgage backed securities, as investors showed no tolerance for risk of any kind.  A concerted .5% cut to short term rates by central banks did little to calm the markets.  The Fed cuts rates on the overnight rate at which banks lend to each other, and do not directly impact mortgage rates. 

In more positive news, pending sales of existing U.S. homes unexpectedly jumped in August to the highest level in over a year. Also, Prosperity’s parent company, Wells Fargo, and Wachovia will proceed with their planned merger, as Citigroup withdrew its opposition. 

Here are our weekend rates:

 Conv 30 year fixed to $417,000: 6.125%

FHA 30 year fixed: 6.5%: (***5.5% for the 1st year for loans locked by October 31***)

 Conv 30 year fixed between $417,000- $528,000: 6.25% (*** 5.25% for the 1st year with 20% down thru October 31***)

***Jumbo 30 year fixed with Wells Fargo Relationship ($528,750+)***: 6.75% 

All rates reflect 1 origination, 0 discount points. Please note rates may vary by credit score, loan amount and lock period.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: