In a packed week, the two big economic reports were the main drivers of mortgage rates. The outperformance of the GDP data relative to expectations first rocked the bond market & rates earlier this week however the small miss in the Employment report today caused the bond market & rates to rally ending the week flat. This week’s Fed meeting contained no surprises and had little impact.
Big Changes Coming August 16th for Conforming Buyers (up to $625,500 loan amounts). With 20% down payments, it used to be a 2 year waiting period to purchase again after a short sale however effective August 16th this is increasing to 4 years after a short sale. If you have buyers on the fence that have had short sales sooner than 4 years the window may be closing for them with Conforming loans.
THIS WEEK’S RATE TREND IS FLAT
Loan Amounts under $417K, Shown as Note Rate / (APR)
Conforming 30 year fixed: 4.250% / (APR 4.310)
FHA 30 Year Fixed: 3.750% / (APR 5.265)
Conforming 5/1 ARM: 3.000% / (APR 3.044)
Conforming 7/1 ARM: 3.375%/ (APR 3.359)
Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)
High Balance Conf. 30 Year Fixed: 4.375% / (APR 4.523%)
FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)
High Balance 5/1 ARM: 3.500% / (APR 3.189)
Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)
Jumbo 30 Year Fixed: 4.125% / (APR 4.210%)
Jumbo 5/1 ARM: 3.000% / (APR 3.044%)
Jumbo 7/1 ARM: 3.500% / (APR 3.289)
Jumbo 10/1 ARM: 3.750% / (APR 3.559)
Loan Limit Snapshot
Conforming
All Counties: $417,000
High Balance Conforming
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500
High Balance FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500
*** Courtesy of Kelly Marsh at Broadview Mortgage