After a long weekend the markets have opened with not much change.
We are however gearing up for 3yr, 20 yr and 30 yr Auctions this week that should wake up the bond markets. It could also pull some investment out of stocks as well. We are recommending to float rate locks cautiously this week but be ready to lock.
The sales of Miami Beach homes and surrounding areas are picking up with the deadline looming on the horizon for the $8,000 Tax Credit for 1st time Home Buyers. Although we hear rumors of another program to follow this one there are no guarantees.
The investors are also loosening their grip on 30 yr Jumbo loans. The rates will not be attractive for a while but the willingness is a step in the right direction but the 5yr ARM for Jumbo a loan is still probably your best bet.
Conv Rates……………5.375%
FHA Rates…………….5.375%
Jumbo ARM 5 yr………5%
“ Fixed…………..not released…stay tunes or call me for a quote
Brian Scott
