Rates are slightly higher across the board than last week, and will continue to receive pressure for an upward trend movement. Last week, the Dow reached its highest point in 9 months, and – interestingly — is almost 50% above its low in March, 2009. So, adjustments in investor strategies might create some quick fluctuations downward, but unless the stock market takes some hits, expect rates to continue upward as the stock market moves forward.
The Feds are meeting Tuesday and Wednesday, and are expected NOT to increase short-term rates. Also, the Fed’s direct purchase plan of Treasury bonds is expected to expire in Sept (as originally planned). Surprises for either expectation will jolt the markets, so traders are going to listen to nuances in the Fed-speak this week.
Mortgage rates and prices are ripe for “the picking” of real estate right now. You can anticipate that both rates and property prices will soon begin their climbs again.
ANASAZI MORTGAGE RATES
FOR Primary Residence (no cash out)
As of 8/10/2009
Mortgages to $417,000
w/ 1 Point
APR
w/ no Point
APR
30-YR
5.25%
5.393%
5.50%
5.553%
15-YR
4.75%
4.991%
5.00%
5.088%
Mortgages $417,001 – $500,000
w/ 1 Point
APR
w/ no Point
APR
30-YR
5.50%
5.553%
6.875%
6.904%
15-YR
5.375%
5.286%
6.125%
6.171%
Mortgages $500,001 – $600,000
w/ 1 Point
APR
w/ no Point
APR
30-YR
5.75%
5.870%
6.875%
6.904%
15-YR
5.625%
5.826%
6.125%
6.171%
Mortgages $600,001 – $700,000
w/ 1 Point
APR
w/ no Point
APR
30-YR
6.125%
6.171%
6.875%
6.904%
15-YR
5.75%
5.870%
6.125%
6.171%
Mortgages $700,001 – $900,000
w/ 1 Point
APR
w/ no Point
APR
30-YR
6.50%
6.489%
6.875%
6.904%
15-YR
5.75%
5.870%
6.125%
6.171%
ARM (Adjustable Rates Mortgage) are also available – Please call for Quotes.
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Ginger Bowe Sullivan
Anasazi Mortgage
460 St. Michaels Drive, Suite 601