Daily Commentary and Rates

Posted by Leslie Bauer on Tuesday, September 16th, 2008 at 9:04pm.

 

Tuesday, September 16, 2008

Today's big economic news will be the FOMC announcement at 2:15PM, 11:15AM PST. Estimates range from leaving overnight rates unchanged to a cut of .50%. Every lender is hoping that the latter doesn’t happen, otherwise they will be forced to explain all over again why overnight rates don’t necessarily impact 30-yr mortgage rates. Fed Fund futures point to about a 66% chance that the Fed will lower overnight rates by 25 bps. And of course bonds are watching stocks, which are pointing to a lower opening after yesterday’s Dow drop of 504 pts and are down 18% for the year.

 

 

Conforming Rates

($200,000 - $417,000)

0 Points

1 Point

30 Year

5.750

5.500

15 Year

5.500

5.000

7/1 ARM

6.375

6.000

5/1

6.125

5.625

3/1 ARM

6.125

5.625

7/1 ARM INTEREST ONLY

6.500

6.000

5/1 ARM INTEREST ONLY

6.125

5.625

3/1 ARM INTEREST ONLY

6.125

5.500

 

Jumbo Rates

($417,001 - $650,000)

0 Points

1 Point

30 Year

6.125

5.625

15 Year

5.625

5.250

7/1 ARM

7.500

6.750

5/1

7.000

6.250

3/1 ARM

7.250

6.375

7/1 ARM INTEREST ONLY

7.750

6.750

5/1 ARM INTEREST ONLY

7.125

6.250

3/1 ARM INTEREST ONLY

8.000

6.750

 

Super Jumbo Rates

($650,000+)

0 Points

1 Point

30 Year

8.000

7.500

15 Year

8.000

7.250

7/1 ARM

7.500

6.750

5/1

7.500

6.625

3/1 ARM

7.250

6.375

7/1 ARM INTEREST ONLY

7.750

7.000

5/1 ARM INTEREST ONLY

7.625

6.875

3/1 ARM INTEREST ONLY

8.000

6.750



Fannie Mae (Stimulus) Jumbo Pricing

(<$729,750)

0 Point

1 Point

30 Yr fixed

5.875

5.750

15 Yr Fixed

5.625

5.500

5 Yr ARM

7.000

6.875

 

 

 

 

Print

Leave a Comment