WeeklyBasis 11/24/03: Rates Poised For Rise In 2004

Rates and commentary below are for the week of November 24, 2003. Last week was the lowest rate week since all-time record lows in June. This could change by the end of the Thanksgiving holiday. Despite being a shortened market week, it is heavy on economic releases. Revised 3rd quarter GDP, Consumer Confidence Index, October’s Existing Home Sales, and Personal Income reports are all projected to be positive, which will put upward pressure on rates. More pressure is coming from investors moving from bonds to stocks throughout trading today. Once again, this is the time to be ready to make offers as rates are probably going to start coming up in 2004, and it is wiser to offer now instead of after the new year. Have a great holiday weekend.

Conforming ($50K – $322,700K) – NO POINTS
30 Year: 5.75% (5.89% APR)
15 Year: 5.125% (5.265% APR)
5/1 ARM: 4.75% (4.90% APR)

Jumbo ($322,701 – $650,000) – NO POINTS
30 Year: 6.0% (6.14% APR)
15 Year: 5.375% (5.515% APR)
5/1 ARM: 4.875% (5.025% APR)