Weekly Interest Rate update, Courtesy of Otto Kobler of Summit Funding

Mortgage Rates for March 11, 2016

FIXED AND ARM CONVENTIONAL PROGRAMS RATE         APR
30 Year Fixed Conventional 3.875%      4.040%
15 Year Fixed Conventional 3.125%      3.265%
5/1 LIBOR ARM Conventional 3.875%      3.963%
7/1 LIBOR ARM Conventional 3.750%      3.803%
———————-
JUMBO PROGRAMS ($417k +) RATE          APR
30 Year Fixed 3.750%       3.967%
15 Year Fixed 3.500%       3.259%
5/1 LIBOR ARM 2.875%       2.972%
7/1 LIBOR ARM 3.250%      3.411%
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FHA/VA FIXED PROGRAMS RATE          APR
30 Year FHA/VA 3.500%      4.647%
15 Year FHA/VA 3.500%      4.910%

Assumptions include: 1% origination point and 0% discount fee, 20% down payment (Conforming), 25% down payment (Jumbo), Escrows required (if not escrows, higher fees may apply), purchase transactions on primary residence, 30 day closing, debt to income ratio <=40%, full documentation of income/assets.  Conforming rates based on loan amounts greater than $200,000.  Minimum Fico 740 Conventional – 640 FHA/VA. Other Programs, Loan Amounts, Credit Score and Down Payments are available. Call for details!

Below are a couple of interesting charts. They show what has happened in the mortgage bond market over the past 6 weeks and then 6 months. Like everything else in the mortgage world, this is literally upside down. The chart shows the price of a mortgage bond which is the reverse of the interest rate. So as the line moves up, rates are going down. Up is good. Down is bad.

6 Week Chart – RATES as of March 11, 2016 – Fannie Mae 30 year 3.5%

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6 Month Chart – RATES as of March 11, 2016

 

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