Besides the pending election results throughout the country, there are other “potential market movers”. The Federal Reserve is finalizing QE3 (its bond-buying/money-printing process used to keep a lid on interest rates).
The Federal Reserve Open Market Committee (“FOMC”) used language that it would be a “considerable amount of time” before the Feds would begin raising rates again. The issue is the interpretation of “considerable”, and really how long it will be before we see a push to higher rates. Also, investors have expressed concern that the Fed’s forecasts regarding unemployment, inflation & GDP have a low level of credibility. So, “watch & wait” seems to be the tactic of the moment. All the markets closed close to flat today, as investors eyes & ears stay tuned for tomorrow’s possibly uneventful FOMC meeting.
Although we send rates out on a weekly basis, rates change daily, and sometimes even more frequently. If you need up-to-the-moment pricing, please call for our latest information, which we will price specifically to your buyer and the property. We always appreciate the opportunity to be your trusted mortgage source. Call with questions or scenarios – for your buyers or sellers – without obligation.
THE MORTGAGE PLACE RATES*
FOR Primary Residence (purchase only)
As of 11/04/2014
*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
3.875%
3.998%
4.125%
4.165%
15-YR
3.125%
3.340%
3.375%
3.445%
FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo)
w/ 1 Point
APR
w/ no Point
APR
30-YR
4.25%
4.356%
4.375%
4.397%
15-YR
3.875%
4.061%
NQ
—
ADJUSTABLE RATE Mortgages to $417,000
w/ 1 Point
APR
w/ no Point
APR
5/1 ARM
3.125%
6.380%
3.375%
6.617%
7/1 ARM
3.375%
6.287%
3.625%
6.522%
ADJUSTABLE RATE Mortgages $417,001 – $2,500,000
w/ 1 Point
APR
w/ no Point
APR
5/1 ARM
3.75%
6.949%
3.875%
7.067%
7/1 ARM
3.75%
6.618%
4.00%
6.853%
Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.
If you wish to unsubscribe to this rate update, please click on the “Reply” button, and type “Unsubscribe” into the Subject line, or call us at the phone number below.
Ginger Bowe Sullivan
The Mortgage Place
1640 Old Pecos Trail, Suite E
Santa Fe, NM 87505
Email: ginger@nmmortgage.expert
Website: www.nmmortgage.expert