MORTGAGE RATES – The Trend is FLAT this Week

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 16^th 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 16^th 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