CURRENT INTEREST RATES AND CORRESPONDING ANNUAL PERCENTAGE RATES (APR) for the week of 03/01/2010 – Presented by Lisa Wells

CONVENTIONAL LOANS:
30 year fixed-5.00%-5.25%….APR Range-5.254%-5.587%
15 year fixed-4.25%-4.5%….APR Range-4.378%-4.685%
5 year ARM-3.875%-4.125%……APR Range-3.362%-3.720% (May increase after consummation)

FHA LOANS:
30 year fixed-4.750%-5.000%…APR Range-5.462%-5.605%
5 year ARM-3.75%-4.0%……APR Range-3.395%-3.625% (May increase after consummation)

JUMBO LOANS – loans $417,001 and higher
30 year fixed-6.5%-6.75%….APR Range-6.647%-7.188%
5 year ARM-5.250%-5.500%……APR Range-4.784%-5.159% (May increase after consummation)

-Adjustable rate loans and rates are subject to change during the loan term. The change can increase or decrease your monthly payment.
-Additional loan products, rates and lock periods are available.

MARKET:
Mortgage rates are enjoying a nice rally to start the week. When there is uncertainty in the market and concern about foreign governments- the mortgage bonds are the safe spot -this will drive rates down. Lots of economic data coming out this week with potentially the biggest market mover being the unemployment numbers on Friday. The expectation is that 20,000 jobs will be lost and the unemployment number will tick up to 9.8%. If the numbers show more jobs being lost- this will help interest rates move lower- if less jobs are lost- rates will move higher.

The tax credit for first time buyers and move up buyers is coming to an end April 30th. There will not be an extension on this either- simply can’t afford it. Must have a fully executed purchase agreement by April 30th and must close by June 30.