Interest Rates flat as a pancacke this week.


Mortgage rates were flat this week with Freddie Mac’s survey showing the average 30 year fixed loan at 4.5%. Today;s Wall Street Journal reports that lenders have denied almost 20% of home-purchase loan applications year-to-date. Lending standards have tightened because government entities Fannie Mae, Freddie Mac, and the Federal Housing Administration, which collectively account for 90% of all loans being made today, are under heavy pressure to avoid losses. Would-be-borrowers that are having the hardest time qualifying are those who have seen their income fall, have had periods of job interruption or who are self-employed. Prospective buyers should get pre-approved by a local, knowledgeable lender before beginning their home search to ensure their debt-to-income ratios and credit histories meet today’s standards.

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: 4.375%

Conf 30 year fixed ($417,000-$535,900):  4.375%

FHA 30 year fixed: 4.25%

FHA 5/1 ARM: 3.25%

Jumbo 30 year fixed ($528,750+):  4.875%

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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