Interest Rates creep up

Mortgage rates rose in step with the stock market this week. The Dow closed above 12,000 for the first time in 2 1/2 years and gained 268 point for the week. The unemployment rate fell to its lowest level in two years in January, although the number of jobs created was disappointing.‬
‪ ‬

Among continued signs of economic recovery, interest rates have been largely unchanged this year after spiking .5%  in November, 2010. However, Freddie Mac and Fannie Mae have raised fees on loans with down payments below 25% of the home’s value. Freddie Mac and Fannie Mae’s loan purchases accounted for ~75% of the mortgage market in 2010. A buyer applying for a $200,000 conventional loan with 20% down will now pay $400 more in origination fees than a buyer with a 25% down payment.‬
‪ ‬
‪Here are our weekend rates for buyers with 740+ credit scores:‬
Conv 30 year fixed ($125,000-$417,000
 ): 5.0% Conv 30 year fixed: ($417,000-$535,900):
  5.125% FHA 30 year fixed:
 4.875%FHA 5/1 ARM:
 3.25% Jumbo 30 year
: 5.25% 
Please note all rates reflect a 1% origination fee. Rates do vary by loan amount, credit sc
ore, occupancy, 
lock period, and loan-to-value.

Posted with WordPress for BlackBerry.

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