Todays Mortgage Rates:
30 Yr Fixed – 4.95% (1 point) / 5.25%(0 points)
15 Yr Fixed – 4.25% (1 point) / 4.5% (0 points)
5 yr ARM – 3.875% (1 point) / 4.125% (0 points)
7 yr ARM – 4.25% (1 point) / 4.625% (0 points)
FHA – 4.875% (1 point) / 5.125% (0 points)
Investment – 5.375% (1 point) / 5.625% (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
Overall, Bonds and home loan rates saw some nice gains early last week, but finished just slightly worse than they began, as Stocks closed at highs for 2009 and pulled some money away from Bonds. Whether Bonds can climb back up this week will depend not only on the economic reports due out, but also on how well the markets receive the incoming round of 2-year, 5-year, and 7-year Note auctions.
The $8,000 tax credit for First Time Home Buyers was also in the news again last week. White House Spokesman Robert Gibbs said that the administration is evaluating the program and the effect it has had on home sales and will soon make a recommendation to the President. Although there’s been talk and speculation regarding the expansion of this program, as of now, potential buyers must complete their first-time home purchases before December 1 to qualify for the special credit.