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Mortgage rates are higher! See the Oregon mortgage rate chart below.
Is this good news or bad news? Mortgage rates are higher but so are stocks. I guess it depends if you have a large investment portfolio, IRA, 401K or if you want the lowest mortgage rate. Who says you can't have your cake and eat it too? You can! First you have to understand how it works.
Stocks and mortgage rates have a love hate relationship. When stocks are higher the market sells their mortgage backed securities (MBS) in the form of bonds which causes the mortgage rates to increase. Obviously in this scenario you will not get the lowest mortgage rate. When the market feels pessimistic about the economy and sells off stocks and diverts their money to bonds as a safer alternative, mortgage rates drop. I guess you could say good news is bad news for mortgage rates and bad news is good news! If your mortgage broker takes advantage of this usually short lived drop you can get the lowest mortgage rate for that day, week or even month!
It really is that simple...well almost. There are times when the market will sell both stocks and bonds and take a cash position so now you have the stock market dropping and mortgage rates increasing. Not a pretty scenario. Lucky for us these types of days are short lived and either the stock market or the bond market recovers rather quickly.
All of this also means that mortgage rates change daily. Sometimes even hourly if there are big swings in the purchase and sale of MBS. That being said, to get the lowest mortgage rate it is imperative that you hire an experienced mortgage broker who carries "cutting edge technology" allowing them to lock your mortgage rate before it increases. Failure to lock early could cost a homeowner tens of thousands of dollars over the course of the loan. FYI - getting the lowest mortgage rate isn't going to be free.
Low fee brokers. What can I say? If the broker makes their money on volume rather than quality do you really think they will spend time monitoring the bond market, waiting for a rate to drop before locking in your mortgage rate? Probably not. They don't have time. They need to close as many loans as effortlessly as possible to make a profit. This leaves you with a loan that carries less fees but a higher monthly mortgage payment for many years. It is unlikely that a low fee broker will get you the lowest mortgage rate.
You can count on us to lock you in when the mortgage rates drop. We don't work for free but we won't gouge you either. We are fairly and competitively priced when it comes to loan fees and will make sure you know up front what it will cost you to purchase or refinance your home. No games, no nonsense just the facts. We will work hard to get you the lowest mortgage rate by taking the time to monitor the bond market before submitting your mortgage rate lock.
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| Conforming Mortgage Interest Rates*Please call or e-mail us for government rates FHA,VA & USDA |
| Rates as of Monday, 3rd August, 2009: |
| |
Conforming |
APR |
Payment per
$1,000 |
Jumbo |
APR |
Payment per
$1,000 |
| 30-Yr. fixed |
5.00% |
5.138% |
$5.37 |
Call % |
0.000% |
$0.00 |
| 15-Yr. fixed |
4.50% |
4.736% |
$7.65 |
for% |
0.000% |
$0.00 |
| 7-Yr. fixed ARM |
4.50% |
4.634% |
$5.07 |
jumbo% |
0.000% |
$0.00 |
| 5-Yr. fixed ARM |
4.00% |
4.131% |
$4.77 |
rates% |
0.000% |
$0.00 |
| 10 Yr. fixed ARM |
4.25% |
4.382% |
$4.92 |
% |
0.000% |
$0.00 |
| 5-Yr. Interest Only |
4.25% |
4.382% |
$3.54 |
% |
0.000% |
$0.00 |
|
|
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| Rates subject to change. Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. CA DRE Lic.#01366552 FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101 OR ML3337 WA 510-MB-30588-51099 |
 |
|
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Questions? E-mail Jenni Clark
RE/MAX River & Sea
Astoria Oregon
(503) 440-1968
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