Here’s the latest news on mortgage rates:
According to bankrate.com, the benchmark 30-year, fixed-rate mortgage rose 7 basis points, to 5.41 percent. Our rates at Home Loan Specialists continue to rank better than the national averages . One year ago, the mortgage index was 6.41 percent, so even though rates have inched up, we are still seeing extremely low rates due to the economic environment.
The benchmark 15-year, fixed-rate mortgage was unchanged at 4.93 percent. The benchmark 5/1 adjustable-rate mortgage rose 3 basis points, to 5.4 percent.
As I mentioned in a previous post, we have uncovered a great new lending source for jumbo loans; that is loans in excess of the FNMA & FHLMC maximums of $417k. These loans have been very tough to find as lenders have tightened credit becuase they cannot easily be packaged and purchased by the government. Previously, we were limited to only offering ARMs on these products or offering much higher than market fixed rates. If you are looking to refinance to reduce your rate or your term, give me a shout.
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