Mortgage Interest Rates Remain Steady

Interest rates remained steady this week and remain near historical lows. With the volatility in the stock market expected to continue, the flight to safety and bonds is expected to continue, keeping interest rates down The following are some excerpts from this week’s newsletter on interest rates from HSH Associates :

“A considerable rise in stocks this week came partly at the expense of bonds, and while underlying interest rates rose somewhat as a result, most mortgage rates didn’t follow them.

With the economic sky brightening somewhat, interest rates would normally have some reason to press higher. However, eurozone clouds lurk on the horizon yet, and whether the ensuing storm will be a drizzle or a downpour remains yet to be seen, as does the duration of the event. Even central bank umbrellas to help deflect the rain may only keep everyone from getting soaked for a while. The spate of good news and welcome actions of this week is now behind us; a light economic calendar next week will likely allow eyes to again turn to the troubles that remain unsolved, and interest rates seem likely to settle, erasing this week’s slight bump.”

The following are interest rate quotes from Al Hermann of American California Financial Services:

The following are interest rate quotes from Jan Schott Bank of America, Home Loans [email protected] 310-802-2300 :

Conforming Loans to $417,000

5 Yr Fixed: 2.375% @ 1.000/pts 2.750% @ 0/pts

30 Yr Fixed: 3.875% @ .500/pts 4.125% @ 0/pts

Conforming High Balance to $625,500

5 Yr Fixed: 2.500% @ .500/pts 2.875% @ 0/pts*

30 Yr Fixed: 4.000% @ .500/pts 4.375% @ 0/pts

Non-Conforming Loans to $2,000,000

5 Yr Fixed: 3.000% @ .500/pts 3.250% @ 0/pts

30 Yr Fixed: 4.250% @ .875/pts 4.625% @ 0/pts

FHA Fixed Loans to $625,500

30 Yr Fixed: 3.875% @ .875/pts 4.250% @ 0/pts

Rates based on a Single Family Residence Purchase with 20% down, FICO score of 740 or greater, 30/day pricing. FHA is based on Single Family Residence Purchase with 3.5% down payment, FICO score minimum of 620 and 30/day pricing. Points are for Rate only. Closing Costs apply. Rates not guaranteed and subject to change daily. Please contact me for more information on Condo, Multifamily Units and Refinancing . High Balance Conforming 5/1 ARM requires 25% down