Mortgage rates were lower last week as surging oil prices and tension in the Middle East continue to drive investors to the perceived safety of the Treasury market. High oil costs affect more than just the price at the pump for consumers. Rising fuel prices means higher transportation and shipping costs for everything from food to manufactured products to service-related businesses. Those increases are usually passed on to businesses and consumers, threatening economic growth and corporate earnings. I wouldn’t expect any significant changes in rates until there is some resolution overseas.
Today’s Mortgage Rates:
30 Year Fixed: 4.875% with 0 pts. (45 day lock)
30 Year Fixed: (KW Stimulus): 4.50% with 0 pts. (45 day lock)
(Seller must participate in KW Stimulus Plan…call for details!!)
30 Year Fixed Jumbo: 5.25% blended rate (call for details)
15 Year Fixed: 4.25 % with 0 pts. (45 day lock)
FHA 30 Year Fixed: 5.00 % with 0 pts. (45 day lock)The bottom line is that even if housing were to drop a little further in some areas, the affordability coming from today’s rates serves as a backstop against any moderate price reduction. Remember, housing will likely be in a much better position in the second half of the year and at that time rates could be a bit higher. Now’s the time to take advantage of the combination of low rates and affordable housing in Philadelphia.
Conventional pricing is with middle credit score >740. FHA minimum credit score is 640. *Income and Asset verification required and must meet DTI guidelines. *This is not a commitment to lend and other conditions may apply.