Interest rates touched all time lows this week, then bounced up a little. The Fed announced concerns about the global and US economy at the policy meeting this week and stated their intention to keep rates near zero for the foreseeable future. No V shaped recovery in the U.S. Equities, Bonds, commodities, and rates all down.
More Financial News
Here’s the latest scoop from Scott Glass of Wells Fargo in Mission Viejo
FNMA/FHLMC Rates below 5%
Conforming and high balance conforming loans are pricing below 5% with no discount points paid.
Jumbo Rates in the Mid 5% range
Jumbo rates are staying in the mid to high 5% range without paying discount points. 5/1 Arms are pricing below 5%. Limited capital and very tight underwriting guidelines are still major factors in the Jumbo market
FHA Rates also Drop below 5%
FHA rates are also dropping and are bouncing between 4.75 and 5.125 on 30 year loans. 5/1 ARMS remain below 4%.
What Does It Mean to Me?
The bottom line is that mortgage interest rates have never been lower, and combined with the drop in home prices over the last few years, this may be one of the best home buying opportunities in the history of Orange County Real Estate. If you’re thinking of buying your first home or making an investment, now is the time to act!
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