Mortgage Rate Update

Daily Mortgage Rate Update by Ricardo Bueno

The major line-ups on the Economic Calendar for this week are:

Retail Sales & Crude Inventories on Wednesday

Balance of Trade & Initial Jobless Claims on Thursday, and

Industrial Production, Capacity Utilization & Consumer Sentiment on Friday

Over the last week rates have been holding consistently between 5.375% and 5.50% on conforming loan products.

For the business days between yesterday and today, there was little scheduled on the Economic Calendar so Bond Prices and interest rates took direction from the Stock Market (with market conditions improving slightly).

Percentage_signBond prices deteriorated 16bps raising interest rates to the following:

Conforming Loan Amounts = Below $417,000
30-Year Fixed Rate Mortgage | 80% CLTV | 680+ FICO Score
5.625% (5.740% APR)

Jumbo Loan Amounts = $417,000 to $650,000
30-Year Fixed Rate Mortgage | 80% CLTV | 680+ FICO Score
6.75% (6.854%  APR) Contact me directly for pricing on loan amounts above $650,000.Disclaimer: World Wide Credit Corporation 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 pricing.

Recommendation: You should Lock-In your mortgage rate at application. We’ve seen mortgage interest rates inch upwards approximately .25% over the course of the last couple of days. If you have a 30-day escrow, lock your rate at application and check back over the next couple of days for improvements in pricing.

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.

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