Mortgage rates are hovering near their lows for the past year, and now is a great time to be shopping for a mortgage, but the bond market is deteriorating as I’m putting these rates together, so expect upward pressure on rates today. The economic calendar is light this week, but Fed Chairman Janet Yellen is presenting her semi-annual testimony on monetary policy first to the Senate on Tuesday, then with a repeat performance to the House on Wednesday. Ms. Yellen is expected to present a fairly upbeat picture for our economic recovery. Also, the June Retail Sales report is out tomorrow morning, which is expected to show an increase in consumer spending (consumer spending makes up over two-thirds of the US economy). Although the economic outlook seems bright, there is also Capitol Hill talk suggesting Congress should have more direct control over monetary policy. Investors may cautiously “sit this round out”, and limit their market activities this week.
Our advice is to be very careful in playing the interest rate game. Although rates can drop a little, too many influences – including the current “Euro-dramas” can put upward pressure on rates. Set a high and low for rate expectations, and when you hit either the ceiling or the floor within the rate risk definition, you lock the rate without regret.
|
DIMOND MORTGAGE RATES* FOR Primary Residence (purchase only) As of 07/14/2014 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
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| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.125% |
4.251% |
4.25% |
4.251% |
| 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 |
3.625% |
3.807% |
N/A |
— |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.125% |
6.298% |
3.375% |
6.443% |
| 7/1 ARM |
3.375% |
6.008% |
3.625% |
6.154% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.375% |
6.508% |
N/A |
— |
| 7/1 ARM |
3.625% |
5.094% |
N/A |
— |
|
Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
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Ginger Bowe Sullivan
Dimond Mortgage