After a week of more conflicting economic indicators we’ve seen rates duplicate their roller coaster ride …As high as 5.5% and as low as 5.25%.
Consumer confidence low, New home sales showing an increasing trend in most areas around the US except here in South Florida where the declines are 5.3% month over month. Stock and Bond Markets continue their struggle to playing “hot potato” with who wants to show improvements day to day and the rates that trickle down through FHA and Fannie/Freddie react to that struggle. So the rates are flat from last week.
Conventional: 5.375% 30 yr fixed
FHA : 5.5% 30 yr fixed
Jumbo : 5.5% 5/1 ARM
Try not to be confused by news reports that may quote lower rates on a national level…they normally are factoring in an origination fee that is customary in many areas around the country. My quotes are not including an origination fee so occasionally may appear higher. The origination fee is usually 1% of the loan amount so $3,500 on a $350,000 loan amount. The rate is never the entire story… APR , although confusing, attempts to put all lenders on a level playing field but many lender don’t reflect the proper fees that should be included when calculating that APR (annual percentage rate). It’s still helps though to ask for the Truth in Lending (TIL) statement that discloses that APR…but don’t stop there…ask about the fees, get the whole story but bottom line align yourself with people you trust because what’s disclosed today can often change during the process. Good Luck and Good House Hunting! I look forward to your Miami Mortgage Rates inquiries.
Brian Scott
