Rates edged up last week across the board, as the Dow flirted – more than once – with its 14,000 level. The investor market has proven its uniqueness because although Congress and the President haven’t resolved the “Sequester” (the approx $110 Billion cut in gov’t spending due to begin Mar 1, 2013), stock market investors seem not to be dissuaded from chasing the allure of the Dow highs, and its potential profits. According to Rick Newman, of “US News & World Reports”, “the word ‘Sequester’ could soon become one of those unhappy buzz words …”. In other words, we’ll just have to wait to see if Washington can come to an agreement regarding which programs and which will not be cut, such as military spending, Medicare and social security benefits, or will they just push the issue down the road with a temporary compromised delay.
Our advice this week is to practice “CAUTION”, as your borrowers choose whether or not to lock or float their interest rate. As investors catch their collective breath, the euphoria in the stock market does not seem to be sustainable. A sudden turn of events could negatively impact rates, which leads to disappointment for everyone, and possibly could impact your transaction.
If you find yourself needing a QUICK closing, we can generally close in less than 30 days – FASTER, if needed, many times. Any questions?? We’ll answer questions for either your BUYERS or SELLERS. Please feel free to call for any clarifications and/or mortgage analyses.
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ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 02/11/2013 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
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| Mortgages to $417,000 (Conforming) | ||||
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w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
3.375% |
3.491% |
3.625% |
3.661% |
| 15-YR |
2.625% |
2.831% |
2.875% |
2.939% |
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| Mortgages $417,001 – $1,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
3.625% |
3.727% |
4.125% |
4.146% |
| 15-YR |
3.25% |
3.432% |
CALL FOR QUOTE |
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Mortgages in excess of $1,500,000, 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