Interest Rates for Mid September

Mortgage rates inched up slightly this week on better than expected economic news. Sales of both new and existing homes appear to have risen modestly following their sharp declines in July in the wake of the expiration of the homebuyer tax credits. Wells Fargo’s chief economist expects that a genuine recovery in home sales and new home construction will begin next spring. By genuine, he means a recovery driven by improving underlying economic fundamentals rather than government programs designed to incentivize buyers through tax incentives or relaxed underwriting standards. See attachment for details on the report.

*** Remember, Prosperity is offering prospective buyers who get pre-approved by Sept. 30 and close before the end of the year a .5% discount on the rate for the first year! Here are our weekend rates for purchase loans on single-family homes greater than $150,000 with 20% down and 740+ credit scores:

Conf 30 year fixed to $417,000: 4.25%

Conf 30 year fixed ($417,000-$535,900): 4.25%

FHA 30 year fixed: 4.25%

FHA 5/1 ARM: 2.875%

Jumbo 30 year fixed ($528,750+): 4.75%

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

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