Weekend Interest Rates


Rates dipped below 5.0% this week, four weeks before a government program that is helping keep rates low is scheduled to run out. Freddie Mac reported the average 30 year fixed rate was 4.97% this week, down from 5.05% a week ago. In positive economic news, unemployment seems to be moderating. Figures released Friday showed the unemployment rate flat at 9.7%, down from it’s peak of 10.1% in October.

 

Current homeowners may also be missing out on an opportunity to refinance. A Federal Reserve study showed 37% of all mortgage holders have rates at or above 6.0%. Homeowners with little or no equity who have conforming loans owned by Freddie Mac or Fannie Mae have until June 30th to close under the government’s Making Home Affordable Program. A drop from 6% to 5% on a $200,000 loan will save a homeowner ~$1,900 annually.

 

***Great news — Prosperity’s special reduced rates on conforming and FHA loans on 30 day rate locks for purchase loans has been extended through the end of March!!! Please note — we can close a loan in 30 days, but it is necessary that your clients are fully pre-approved prior to locking the rate. In order to ensure we can close them on time, please have them call as soon as possible.

 

Here are our weekend rates for loans above $150,000 for buyers with credit scores of 740 or above and a 20% down payment with a 30-day rate lock:

Conf 30 year fixed to $417,000: 4.875%

 

Conf 30 year fixed ($417,000-$535,900): 5.0%

 

FHA 30 year fixed: 5.0%

 

Jumbo 30 year fixed ($528,750 ): 5.5%

 

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

 

provided by:

 

Emily Scarborough

Home Mortgage Consultant

Prosperity Mortgage Company

MAC M8615-011

5702 Grove Ave

Richmond, VA 23226

804-285-4216 Tel

804-281-7846 Fax

1-888-664-7683 Toll Free

emily.scarborough@prosperitymortgage.com

http://www.emilyscarboroughforloans.com

Advertisements

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s

%d bloggers like this: