the mortgage market update

April 17th, 2008 at 4:40 PM by Leslie Bauer, San Francisco REALTOR

Thursday, April 17, 2008

Yesterday’s CPI more or less met forecasts (.3% increase in the overall reading and the 0.2% rise in the core data), March’s Housing Starts report was a surprise, however, and showed a much larger than expected decline in starts of new homes: the nearly 12% drop in starts of new homes is their lowest level in 17 years (Mostly blamed on multi-family starts). March’s Industrial Production report showed a 0.3% rise in output at U.S. factories, mines and utilities, stronger than the 0.1% decline that was expected, pushing rates higher. All in all, in spite of longer-term rates heading up, most economists still believe that the Fed will cut overnight rates again at the end of the month.

Conforming Rates
($200,000 - $417,000)	0 Points	1 Point
30 Year	6.125	6.000
15 Year	5.875	5.500
7/1 ARM	6.125	6.000
5/1	5.875	5.625
3/1 ARM	5.500	5.375
7/1 ARM INTEREST ONLY	6.625	6.500
5/1 ARM INTEREST ONLY	6.000	5.875
3/1 ARM INTEREST ONLY	5.500	5.375

Jumbo Rates
($417,001 - $650,000)	0 Points	1 Point
30 Year	6.875	6.750
15 Year	6.875	6.750
7/1 ARM	7.625	7.500
5/1	6.500	6.375
3/1 ARM	7.375	7.250
7/1 ARM INTEREST ONLY	7.625	7.500
5/1 ARM INTEREST ONLY	6.500	6.375
3/1 ARM INTEREST ONLY	7.250	7.125

Super Jumbo Rates
($650,000+)	0 Points	1 Point
30 Year	7.625	7.500
15 Year	6.875	6.750
7/1 ARM	7.625	7.500
5/1	6.875	6.750
3/1 ARM	7.375	7.250
7/1 ARM INTEREST ONLY	7.625	7.500
5/1 ARM INTEREST ONLY	6.875	6.750
3/1 ARM INTEREST ONLY	7.250	7.125

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