03: Rates Up On Continued Bond Selling

By Julian Hebron, July 28th, 2003

Below is a rate snapshot for reference the week of July 28, 2003. Thirty and fifteen-year fixed rates up to about the same level as January 2003 due to the continued bond sell off in the past month. Investors are moving back into stocks because of improving economic sentiment. The good news here is that consumers have more confidence in an improving economy, and purchase business should stay strong. The Mortgage Bankers Association purchase index last week was only four percent below its all-time record.

Conforming ($50K – $322,700K) – NO POINTS
30 Year: 6.0% (6.14% APR)
15 Year: 5.25% (5.40% APR)
5/1 ARM: 4.625% (4.775% APR)

Jumbo ($322,701 – $650,000) – NO POINTS
30 Year: 6.25% (6.40% APR)
15 Year: 5.5% (5.64% APR)
5/1 ARM: 4.875% (5.025% APR)