The Dow Jones set record highs last week, with today’s price status just slightly short of last week. Today’s bond market opened in positive territory, which negated some of last week’s losses. Fixed interest rates, therefore, remain relatively stable, fluctuating in a moderately tight range since the mid-August. We went through “interest-rate shock” in June-July-Aug this year because 30-yr rate rose into the mid-4% range (after experiencing the 30-yr conventional rate-drop to below 4% in late 2011, then seeing yet more historical lows at 3% in late 2012 – early 2013). Just keep in mind that, other than the joy-ride in the low 3%-4% range, we are still at incredibly low interest rates, historically.
Although the “Qualified Mortgage” rules (another whole discussion) call for a maximum 43% debt-to-income (“DTI”) ratio, most lenders are accepting a higher than 43% DTI if Fannie Mae/Freddie Mac auto underwriting allows the higher DTI. Also, Fannie/Freddie auto underwriting will sometimes require only the most recent year’s tax return, whether the borrower is self-employed or has W-2 employment. It is MOST important, therefore, to encourage borrowers to complete a pre-approval early in their home-shopping process, and to request their lender to use the automated Fannie/Freddie procedure in the pre-approval, in order to maximize or understand their potential buying power. (Call if you want further clarification on these guidelines.) Also, did you know that now a borrower can use a 100% gift as their down payment, even if the down payment is LESS than 20% ?? !!
|
ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 12/30/2013 *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 |
4.375% |
4.501% |
4.625% |
4.667% |
| 15-YR |
3.375% |
3.591% |
3.625% |
3.695% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.75% |
4.858% |
5.25% |
5.272% |
| 15-YR |
4.00% |
3.185% |
4.625% |
4.661% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.25% |
6.402% |
3.75% |
6.778% |
| 7/1 ARM |
3.50% |
6.092% |
3.875% |
6.438% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.125% |
6.270% |
3.875% |
6.877% |
| 10/1 ARM |
4.25% |
6.106% |
4.75% |
6.568% |
|
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
ANASAZI MORTGAGE
1000 Cordova Pl, #56
Santa Fe, NM 87505
Phone: 505-995-8888
Toll-Free: 800-995-8888 (if calling outside Santa Fe)
Fax: 505-995-8885