Rates were down almost .25% this week as geopolitical risk and an awful March jobs report fueled an MBS rally [details in my WeeklyBasis report]. 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% (3.845% 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: 3.5% (3.845% APR)
10/1 ARM: 3.125% (3.245% 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.
– Mortgage Rates Near 2013 Lows After Abysmal Jobs Data (MortgageNewsDaily)