Oct
29
30 Year Fixed At 6% AND Possible Federal Rate Cut Coming!
Written by: barb and filed Under Blog, Buyers, Mortgage Update, Real Estate |
I SEE ANOTHER FED RATE CUT, DON’T YOU?… Wake me up Wednesday at 2:15 in the afternoon, OK? That’s when we’ll have the Fed’s announcement on rates.
No question it’s a biggee.
But, seriously, I’ll be up early that day for Q3 GDP, Employment Cost Index and Chicago PMI, which are also key. No doubt the Fed themselves may have taken a peak at the very significant October employment reports (especially Non-farm Payrolls), but we’ll have to wait ’til Friday to see how it all fits together. Thanks to Mortgage Market Guide for the heads up.
Current Rates
30 Year Fixed: 6% (APR 6.125%)
30 Year Fixed with 10 Year Interest Only: 6.375% (APR 6.491%)
40 Year Fixed: 6.375% (APR 6.484%)
5/1 ARM (2/2/6 caps): 5.625% (APR 6.666%)
5/1 ARM 10 Year Interest Only Payments: 5.750% (APR 6.737%)
FHA/VA 30 Year Fixed: 6.375% (APR 6.813)
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down)
30 Year Fixed: 6.500% (APR 6.596%)
30 Year Fixed with 10 Year Interest Only Payments: 6.625% (APR 6.713%)
5/1 ARM: 6.250% (APR 6.914%)
5/1 ARM Interest Only: 6.375% (APR 6.970)
Conforming loan limits are currently up to $417,000. Quotes below are based on 30 day pricing with a 1% loan fee and a credit score of 680 or better. Quotes are also based on full loan documentation files and a minimum of 5% down. If you are planning on putting less than 20% down you will need Private Mortgage Insurance or a second mortgage to cover the difference.
These programs are only a sample of the many products available. Rates published Monday October 29, 2007 @ 10am and are subject to change any time as well as programs may change without notice. This is not a guarantee nor is it a commitment of interest rate.
For further information on any of these programs or additional programs, please feel free to email me or give me a call on my direct line (425 820-0601) or my mobile.
Barb Paetzold - Mortgage Expert
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So what happened today? Did the Fed cut rates? Do you think we are going to see that trickle into mortgage rates soon?
The Federal Reserve lowered the rate .25%. It was a cautious reduction and the Federal Reserve knows it. The market was hoping for .50% and was disappointed by the .25%. We will likely see only a slight correction in rates based on the move at this point. We really need to be looking at consumer confidence and spending to see how it will bear on our ecomomy. I think we are all holding our pocket books a bit tighter these days especially since engery prices are rising (oil/gas).