Financial Update by Maurice Soussé

Where do we begin? Rates made quite a jump this week with the 10 year treasury closing at 1.97% last Friday to closing at 2.3% this week (this is where you almost faint). That jump is the biggest single jump in some time, hitting its highest yields since October. Yields quickly jumped on Tuesday after the FED Open Committee meeting in which they stated the central bank is more optimistic on the health of the US economy. These word’s sent investor scrambling from bonds into the equity markets creating a good increase to the DOW and pushing rates on mortgages up by approximately a .25%.

So, what does this mean? Are the low rates gone? These rates are still some of the lowest rates in history.

The 5/1 and 7/1 jumbo ARMS are still incredible. Be sure to take a look.

Conforming Fixed Rates-Up to $417,000
30 Year Fixed: 3.75% 2 Points
  3.875% 1 Point
  3.99% 0 Points
15 Year Fixed: 3.00% 2 Points
  3.125% 1 Point
  3.375% 0 Points
 
Jumbo Fixed Rates-Up to $2.0 Million for Purchases
5/1 Year Fixed: 2.75% 1 Point
7/1 Year Fixed: 3.25% 1 Point
10/1 Year Fixed: 3.875% 1 Point
30 Year Fixed: 4.375% 1 Point
 
High Balance Conforming Fixed; Check County Limit
30 Year Fixed 3.99% 1 Point
 
30 Year FHA Fixed Rates
30 Year Fixed 3.875% 0 Discount Points
 
Jumbo From $2 to $5 Million Interest Only
5/1 Fixed Rate 3.25% 1 Point