Financial Update by Maurice Soussé

Interest rates are down a touch this week over last as a sluggish gross domestic product helped convince the FED to leave rates unchanged this past week. You can assume there was a lot of hesitation for the FED to not raise rates as this is the first time ever Chairman Bernanke had a post FED meeting press conference. He spoke about why the FED decided not to raise rates at this meeting and gave justification weighing heavy on a struggling housing industry and higher than desired unemployment numbers.

On a positive note, the Duke and Duchess of Cambridge kissed not once, but twice from the royal balcony. What a party I too could throw for £30 million (remember, that is about $42 million). “It is a glorious day to be British” said Pierce Morgan.

Underwriting times are fantastic right now on conventional loans. As a mortgage banker, we are underwriting any FNMA or FHLMC loan in about 24 hours from submission. Government loans are at about 1 week. Very fast compared to our competition, so I hear.

Jumbo rates are fantastic as well with our interest only 5 year fixed at 4% up to $5 million. Jumbo loans are taking a full 30-35 days to close so please plan accordingly for the jumbo loans.

“When you realize how perfect everything is, you will tilt your head back and laugh at the sky.” – Buddha

Conforming Fixed Rates-Up to $417,000
30 Year Fixed: 4.25% 2 Points
4.5% 1 Point
4.75% 0 Points
15 Year Fixed: 3.625% 2 Points
3.75% 1 Point
3.875% 0 Points
Jumbo Fixed Rates-Up to $3.0 Million for Purchases
5 Year Fixed: 3.25% 1 Point
7 Year Fixed: 3.5% 1 Point
30 Year Fixed: 5.375% 1 Point (Fixed up to $2 million)
High Balance Conforming Fixed; Check County Limit
30 Year Fixed: 4.625% 1.00 Points
30 Year FHA Fixed Rates
30 Year Fixed: 4.75% 0 Discount Points
Jumbo From $2 to $5 Million Interest Only
5 Year Fixed Rate: 3.75% 1 Point