Weekend Rates – WOW still a Great time to Buy

Rates improved slightly this week as the financial markets waited on a potential bailout of the auto industry and next week’s Fed Meeting. The Fed is widely expected to announce another rate cut as the economy continues to struggle.

Keep in mind that a Fed rate cut does not automatically mean mortgage interest rates will improve. The Federal Reserve has direct control over the level of short-term interest rates. The Fed’s influence over longer-term interest rates with rate cuts is less certain. Remember, rates are historically favorable. While there is a strong possibility rates could improve, there are no guarantees in these uncertain times. As a reminder, just a few months ago analysts overwhelmingly predicted gas prices would continue to rise. Conditions can change quickly.

Freddie Mac reported the average 30-year fixed rate fell to 5.47% from 5.53% this week, down from 6.11% a year ago.

Here are the weekend rates:

Conf 30 year fixed to $417,000: 5.0%

Conf 30 year fixed ($417,000-$535,900): 5.5%

FHA 30 year fixed: 5.5%

Jumbo 30 year fixed ($528,750+) with Wells Fargo Banking Relationship: 6.5%
All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, and loan to value. (Prosperity Mortgage)


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: