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Interest Rates Inch Up From Record Lows

Interest rates inched up this week from record lows. The following are some excerpts from this week's newsletter on interest rates from HSH Associates :

"Low and stable mortgage rates and a modestly improving economy are starting to produce positive effects on the nation's housing market. While starting from extraordinarily low levels, and though improvement are still of course tenuous, there have been accumulating signs of improvement for months. If the economy can continue to nudge forward for a while longer without some new or already-known catastrophe to derail it, we just might have ourselves a housing market worth talking about when Spring rolls around.  

Yields on 10-year Treasuries finished last week on a downward note, and rates were at record lows again through into Wednesday morning. However, the reverse is true this week, with Treasuries ending on a high note, and nudging rates off record lows. While some of this increase in underlying costs will probably be absorbed into still-wide spreads, a bit of it may make its way into rates next week, which would mean a further slight move away from record low levels. No real movement, but probably a couple of basis points upward is to be expected, based on where we are at the moment."


The following are interest rate quotes from Al Hermann of American California 'finaniao

30 Yr Fixed FHA

Rate

APR

 

       

3.750

4.437

Details

       

 

Conforming 30 Yr Fixed up to $417000

Rate

APR

 

       

3.875

4.021

Details

       

 

Conforming Jumbo 30 Yr Fixed $417001 - $625500

Rate

APR

 

       

4.250

4.392

Details

       

 

Jumbo 30 Yr. to $1.5 Mil

Rate

APR

 

       

4.750

4.886

Details

       

 

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)

Rate

APR

 

       

3.375

3.489

Details

       

       

 
The following are interest rate quotes from Jan Schott Bank of America, Home Loans jan.schott@bankofamerica.com 310-802-2300 :

Conforming Loans to $417,000

 

5 Yr Fixed:         2.625% @ 1.000/pts                      3.000% @ 0/pts

30 Yr Fixed:      4.000% @ 1.000/pts                      4.375% @ 0/pts

         

Conforming High Balance to $625,500

 

5 Yr Fixed:               2.875% @ 1.000/pts               3.375% @ 0/pts*

30 Yr Fixed:             4.125% @ 1.000/pts               4.500% @ 0/pts

 

Non-Conforming Loans to $2,000,000

 

 

  5 Yr Fixed:          2.750% @ 1.000/pts                       3.000% @ 0/pts

            30 Yr Fixed:       4.000% @ 1.000/pts                       4.375% @ 0/pts

         

FHA Fixed Loans to $729,750

 

        30 Yr Fixed:        4.000% @ 1.000/pts                    4.250% @ 0/pts                                  

Rates based on a Single Family Residence Purchase with 20% down, FICO score of 740 or greater, 30/day pricing.  FHA is based on Single Family Residence Purchase with 3.5% down payment, FICO score  minimum of 620 and 30/day pricing.   Points are for Rate only.  Closing Costs apply.  Rates not guaranteed and subject  to change daily.  Please contact me for more information on Condo, Multifamily Units and Refinancing at 310-802-2300.

 

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 2 commentsMaureen Megowan • January 22 2012 02:56PM

Comments

Hi Maureen,

Great blog! The low interest rates are great! This is a great time to buy!

Posted by Maggie McFarland, Pearland Realtor, Homes for Sale in Pearland Texas (RE/MAX Pearland - Maggie McFarland) almost 7 years ago

Yikes!  Buyers need to hurry and get their loans locked in if this is going to start happening.  It will make the buyers sitting on the fence jump and keep other from buying.  Hope it doesn't go up any more.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX Solutions) almost 7 years ago

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