Mortgage Rate Update: February 15, 2008

If you’ve been following my updates on The Industry Minute, you know that the President signed the Stimulus Package on Wednesday, February 13th. I also informed you that Wednesday’s Retail Sales Report led to deteriorated pricing and the volatility continued throughout the week!

This week’s Consumer Sentiment Report wasn’t too bad, translating into healthier corporate profits for the Stock Market and slightly higher Stock Prices. Couple this with passage of the (i) Economic Stimulus Package, (ii) Warren Buffett’s statements on helping insure municipal bonds and suddenly it appears there’s more economic health on Wall Street than previous months have dictated.

What does all of this mean? The Stock Market outperformed the Bond Market this week. This means higher interest rate pricing.

Percentage_sign Conforming Loan Amounts = Loan Amounts Below $417,000
($400,000 Loan Amount | 80% CLTV | FICO = 680+)
5.875% (6.02% APR)

Jumbo Loan Amounts = Loan Amounts Between $417,000 & $650,000
($600,000 Loan Amount | 80% CLTV | FICO = 680+)
7.125% (7.239% APR)

Contact me directly for pricing above $650,000.

*Disclaimer: World Wide Credit Corp is an Equal Opportunity Lender. Interest rates are subject to change in accordance with changing market conditions and are also subject to change upon borrower qualification. Contact me directly to verify current pricing.

Recommendation: Lock-In your mortgage rate at application.

We have key inflationary data scheduled on the Economic Calendar for release next week so expect more Bond Market (a.k.a. interest rate pricing) volatility. Stay tuned for more updates!

If you are considering buying real estate in Pasadena, San Marino or the surrounding areas, please give Irina Netchaev a call at 626.204.3340. There are many new homes for sale coming up every day.  You may also visit www.SearchMLSforFREE.com to sign up for a daily list of homes for sale.

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