WeeklyBasis 09/29/03: Rates Touch On Record Lows

Rates have dropped again this week, and are down about 0.25% from last week; On a $600k loan, this is about $100 per month in savings. This brings rates close to record lows we saw in the 2nd quarter. This is a good way to start the week, but if consumer confidence employment figures released this week (on Tuesday and Friday) show improvement, we could see rates increase. The most important thing to remember is that the all-time high record for existing home sales last week is a direct result of low rates – and the record was set even after two of the worst rate months this year.

Conforming ($50K – $322,700K) – NO POINTS
30 Year: 5.625% (5.765% APR)
15 Year: 5.0% (5.14% APR)
5/1 ARM: 4.625% (4.775% 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: 4.75% (4.90% APR)