Mortgage Rates: Week Ended April 26
Rates have been down for three weeks, but this week we touched lows of the year. Three Fridays ago on April 5, a weak March jobs report (88k nonfarm jobs created vs. estimates of 190k) sent rates lower, and they’ve held lower levels since. Today’s weak 1Q2013 GDP report (2.5% vs. estimates of 3%) reinforced the MBS rally which has sent rates down.
We’re now within striking distance of record lows. There were great locking opportunities for home buyers and refinancers to end the week, and to head into a Spring home buying weekend. Next week’s open could hold too because the market movers don’t start until the Fed meeting ends next Wednesday and the April jobs report is released Friday.
Rates in 3 tiers shown below. Also below is a quick recap of the week’s events and a link to my daily commentary with the MortgageNewsDaily MBS team, which is more action oriented for rate shoppers each day.
CONFORMING RATES ($200,000 to $417,000) 0 POINT:
30 Year: 3.375% (3.495% APR)
FHA 30 Year: 3.25% (3.37% APR)
5/1 ARM: 2.5% (2.62% APR)
SUPER-CONFORMING RATES ($417,001 to $625,500 cap* by county) 0 POINT:
30 Year: 3.625% (3.745% APR)
FHA 30 Year: 3.375% (3.495% APR)
5/1 ARM: 2.75% (2.87% APR)
JUMBO RATES ($625,501 to $2,00,000) 1 POINT:
30 Year: 3.625% (3.745% APR)
10/1 ARM: 3.0% (3.12% APR)
5/1 ARM: 2.375% (2.495% APR)
Lower or higher rates apply to specific borrower and property profiles. Lower or higher rates available using tax deductible points or zero-cost transactions. These rates assume full doc pricing on Single Family Home purchase loans for borrower with 740 FICO score or greater, at least 20% equity (unless FHA), and 6-12 months reserves left over after close (retirement assets counted at 60% of value for reserves). ARM rates adjust the first month after initial fixed period shown, and once per year thereafter until year 30. Adjusted rate calculated by adding 2.25% margin to 1yr LIBOR index at time of adjustment. At first adjustment LIBOR+margin cannot exceed start rate+5%, subsequent yearly adjustments can never be greater than 2% per year, total of all adjustments for 30yr life of loan can never exceed start rate+5%. Rates based on loan amount ranges shown and rates available at the time of production. Rates aren’t a loan commitment nor a loan guarantee, and are subject to change without notice.
*Conventional Super-Conforming cap = $625,500. FHA Super-Conforming cap = $729,750.
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Reference:
– Mortgage Rates Officially Hit 2013 Lows (MortgageNewsDaily)
– Succinct Summation Of The Week’s Events (Barry Ritholtz, TheBigPicture)