Mortgage Update for Week of Feb 3

[valueoc]

I feel like I received some pretty decent training for observing and anticipating market trends, having been raised at the horse track and having my father teach me how to handicap a horse race by the age of five. The similarities are staggering. I'm a day late mentioning the blog I published yesterday, and welcome this forum's thoughts.http://www.valueoc.com/mortgage-update-week-feb-3/

 

[OpenSky]

 

[valueoc]

Well, not LITERALLY floating... but I think there will be a few more worse-than-expected economic indications which should lower mortgage rates a bit more, akin or better than the drop we saw on Monday. If not Friday's Employment report, certainly other indicators through the month of February. Especially if there was no locking done on Monday, I'd wait the next week to week and a half out.

 

[OpenSky]

 

[OpenSky]

 

[OpenSky]

???

 

[myirvine]

Possible to get a 30 year fixed rate as low as 4.125-4250% with no points.  This is as of 2/14/14.

 

[usctrojancpa]

PenFed just came out with a new product recently....a 15/15 ARM @ 3.75%.

 

[OpenSky]

8)

 

[usctrojancpa]

Possible to get a 30 year fixed rate as low as 4.125-4250% with no points.  This is as of 2/14/14.

Advertised or real? Deets or it ain't real.

Real baby....see link below...
https://www.penfed.org/1515-Adjustable-Rate-Mortgage/?WT.ac=1301

 

[OpenSky]

 

[myirvine]

Sorry but I don't have a link to share showing this but this is what I can offer.  This is available for the following:

Purchase of an owner-occupied SFR
30 year fixed rate loan
$417,000+ loan amount
20% down-payment (or more)
780+ FICO
30 day lock term
Impounds not required
Meet all loan approval requirements

Sample 1:

$500,000 loan amount
4.125% interest rate (4.167% est APR assuming ~$2,500 in APR fees)
No points (actually 0.500 points in credit is possible as of 2/14/14 which would lower APR)

Sample 2:

$500,000 loan amount
4.000% interest rate (4.041% est APR assuming ~$2,500 in APR fees)
No points (as of 2/14/14)

I can offer it but the point of sharing was just to let people know what is out there and not a marketing attempt. 

 

[OpenSky]

 

[valueoc]

Market forces have definitely edged mortgage rates slightly upward for the last two weeks, and have adjusted lock advice accordingly. But am I the only one who thinks there is still some weaker-than-expected economic readings yet ahead of us? Overall, I see Q2 as an almost guaranteed mortgage interest rate increasing environment (weakening bond market), but I expect to see at least one significant hiccup along the way.