Friday, April 19, 2013

Economic Focus

Today's rates are just the same as last Friday, even though we have seen some relatively big swings in the stock markets during the last 5 days.  Investors are simply not feeling good about day to day economic developments, and are chasing the highs and lows.  The smart money is still gravitating toward the safe haven of bonds, which will keep interest low.

Also, inflation, real or imagined, is not really presenting a problem and doesn't look like it will be a factor for at least most of 2013.  All of this is good for mortgage rates, but we still need to see some sustained economic growth to really get the housing market going.

The following rates are based on 30 day locks with no discount points and credit scores of 740 or better, as of this morning.  They are not come ons, they are the rates your buyers will most likely get from a reputable lender, regardless of what is advertised.  Certainly there are other specialized programs available, depending on the qualifications of the buyer.  The 30 Yr Fixed Non-Owner rate is based on 25% down payment.  This is where the best rates come in for investors


Rate
APR
30 year fixed conforming =
3.625%
3.693%
15 year =
2.875%
2.929%
3/1 ARM =
2.750%
2.884%
FHA/VA 30 year fixed =
3.250%
3.961%
30 Yr Fixed Non-Owner =
3.875%
3.937%
Prime rate is currently =
3.250%