Miamism

by:  Brian Brady

Weird things are happening in the mortgage-backed securities market.  Strong buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last report,  The ARM rates, however, have RISEN.  A weird phenomenon, indeed.  I'm only quoting two loan programs (the others make no sense):

Mortgage rates for August 29, 2008. Loan amounts up to $417,000:

5/1 ARM            5.750%

30 Year Fixed     6.125%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by calling (858)-777-9751.

Short-term, this is about as good as it gets.  I think we'll see some higher rates, in the next 7-10 days, with rates coming back down to this level by the end of September.  I'm befuddled for the 3 month trend so I'll stay neutral.

MORTGAGE RATE TREND:

Next 7 days:      Higher 

Next 30 days:     Neutral

Next 3 months:    Lower? (I'm stumped)

Originally posted on MillionaireRealEstateLender.com

Actions

Ines.Hegedus-Garcia Send feedback »

No comment yet...

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code

This post has no comments awaiting moderation.