the mortgage market update

Posted by Leslie Bauer on Thursday, April 17th, 2008 at 2:40pm.

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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