Financial Update by Maurice Soussé

Rates are down just a touch today from last week. The 10 year Treasury Yield is holding steady at 2.06 which is flat for the last few days.

Underwriting times seem to be picking up a touch. On conventional loans we are seeing turn times on approvals in about 3 days on average so much better than a few weeks back. Refinance turn times dropped from 22 days down to 15, so an entire week faster than before.

While we are all happy when rates drop, the refinances in the pipeline’s interfere with our purchases loans as there are only so many underwriters to go around. We see longer purchase approval times, condition review and loan doc turns. We do see a light at the end of the tunnel as we are catching.

The Dalai Lama said “It is necessary to help others, not only in our prayers, but in our daily lives. If we find we cannot help others, the least we can do is to desist from harming them.”

30 Year Fixed:
3.75% (1 Point)
3.99% (0 Points)

15 Year Fixed:
3.00% (2 Points)
3.25% (1 Point)
3.375% (0 Points)

Jumbo Fixed Rates-Up to $1.5 Million for Purchases; Loans up to $15 million available:
5 Year Fixed – 2.875% (1 Point)
7 Year Fixed – 3.25% (1 Point)
30 Year Fixed (Fixed up to $2 million) – 5.125% (1 Point)

High Balance Conforming Fixed; Check County Limit:
30 Year Fixed – 3.99% (1 Point)

30 Year FHA Fixed Rates:
3.75% (0 Discount Points)

Jumbo From $2 to $5 Million Interest Only
5 Year Fixed Rate – 3.375% (1 Point)