Homes For Sale in Las Campanas, Santa Fe, NM and Rates at a Glance

 

The ADP (Automatic Data Processing) jobs reports came out much stronger than investors expected today, showing a major surge in June’s private sector hiring.  Although the ADP jobs report comes in a day before the official non-farm payroll report (from the US Bureau of Labor Statistics), and the ADP report isn’t considered quite as accurate as the non-farm payroll report, investors still reacted, scrambling to revise their investment strategy in order to minimize any losses in their bond portfolios, pushing mortgage interest rates slightly higher.  Tomorrow’s non-farm payroll report, though, is coming in just before an extended holiday week-end, with many of the market players having already checked out in front of the holiday.  Rates will probably settle down a little next week, as everyone returns to their investment focuses and trading will, most likely, be less erratic, and interest rates may float slightly downward.

 

As the economy shows signs of strength, however, this indicates that we are going to begin to experience upward pressure on rates, with short-term temporary bounces downward from time-to-time.  You can’t always catch the market with the best rates, so strategize to make sure the market fluctuations don’t potentially price a borrower out of the market.  It’s better to lock at 1/8 point higher and know that your borrower is safe, than to “hope and float” (waiting for a slightly better rate), then get a surprise last-minute push to higher rates, which could jeopardize the loan approval if your borrower is already at maximum debt ratios.  Play safe.

 

 

 

DIMOND MORTGAGE RATES* FOR Primary Residence (purchase only) As of 07/02/2014 *Programs require borrowers meet specific qualifications, not    limited to credit scores,  income, debt ratios, and other lender guidelines
FIXED RATE Mortgages to $417,000 (Conforming)
	w/ 1 Point	APR	w/ no Point	APR
30-YR	4.125%	4.251%	4.25%	4.292%
15-YR	3.25%	3.468%	3.50%	3.572%
FIXED RATE Mortgages  $417,001 – $2,500,000 (Jumbo)
	w/ 1 Point	APR	w/ no Point	APR
30-YR	4.25%	4.356%	4.625%	4.646%
15-YR	4.00%	4.183%	N/A	—
ADJUSTABLE RATE Mortgages to $417,000
	w/ 1 Point	APR	w/ no Point	APR
5/1 ARM	3.125%	6.298%	3.50%	6.559%
7/1 ARM	3.375%	6.008%	3.75%	6.269%
ADJUSTABLE RATE Mortgages  $417,001 – $2,500,000
	w/ 1 Point	APR	w/ no Point	APR
5/1 ARM	3.75%	6.652%	N/A	—
7/1 ARM	4.00%	5.280%	N/A	—
Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.