NEW YEAR, NEW RATES!
Todays Mortgage Rates:
30 Yr Fixed – 5% (.5 point) / 5.125% (0 points)
15 Yr Fixed – 4.25% (1 point) / 4.5% (0 points)
5 yr ARM – 3.875% (1 point) / 4.25% (0 points)
7 yr ARM – 4.375% (1 point) / 5% (0 points)
FHA 30 Yr Fixed – 4.875% (1 point) / 5% (0 points)
FHA 5Yr ARM – 4.25% (1 point) / 4.75% (0 points)
Investment – 5.375% (1 point) / 5.5% (0 points) – at least 25% down payment required
*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply
Mortgage Bonds are jumping higher this morning as they break free and continue to attempt a “get-away” from the sharp downward trending channel they’ve been trading within since late November. Stocks rallied sharply higher yesterday, with the Dow and S&P 500 both reaching their highest closing levels in more than fifteen months– but so far this morning, Stocks are taking a bit of a breather, which is benefitting Bonds.
And here is an interesting talking point- history shows that since 1973, a big gain on the first trading day of January has been a positive sign that Stocks will show positive gains for the rest of the year. Unfortunately, the market is still fragile, which means any negative surprises could take the wind out of the sails quickly and make it touch for stocks to eke out significant gains for the year overall.