Weekend Interest Rates still going down!

Mortgage rates remained at record-low levels last week. Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.14%, down from last week when it averaged 5.19%. Prospective buyers and homeowners thinking of refinancing with credit scores over 740 and 20% in equity can expect better rates. It is possible for mortgage interest rates to push lower considering the Fed continues to purchase mortgage bonds. However, we are in unprecedented times.

While the Fed is trying to push rates lower there are no guarantees. The Fed isn’t the only player in the mortgage bond market and there are many others buying and selling the securities. Remember that the Fed does not directly dictate that mortgage interest rates will be at a certain percentage. Rates are determined by the supply and demand for mortgage-backed securities. As of late, every time the Fed comes in to purchase mortgage bonds, rates have headed lower, only to jump back up as others sell into the Fed buying.

Here are our weekend rates:

Conf 30 year fixed to $417,000: 4.75%

Conf 30 year fixed ($417,000-$535,900): 4.875%

FHA 30 year fixed: 5.0%

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

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, and loan to value.

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: