You’ll probably note that rates have risen significantly in the couple of weeks, and notably even from Friday’s rates. Stocks are up while bonds are in the tank, which means that there is considerable pressure on rates. The best scenario for an improvement in mortgage rates would be for a HUGE stock market sell-off of several hundred points from the Dow. But, be careful of what you and your borrowers wish for, as many people have significant funds invested in the stock market directly, or in their retirement accounts. Congratulate those borrowers who have locked, and commiserate(at least temporarily) with those still in shopping mode who were unable to lock those GREAT mid-3 rates.
Remember the “old days” when everyone thought anything under 8% interest rates were wonderful?? Any rates in the recent few years under 5% have been considered terrific, so use thoughts of encouragement as we adjust to slightly higher rates than in the past few months. As a note: There is a possibility of market corrections in the next 20 – 45 days, but remember “possibility”. Develop your strategies carefully as your borrowers choose to lock now or to float the market.
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ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 05/28/2013 *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) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
3.75% |
3.868% |
4.00% |
4.039% |
| 15-YR |
2.990% |
3.197% |
3.125% |
3.187% |
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| Mortgages $417,001 – $1,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.125% |
4.230% |
4.625% |
4.646% |
| 15-YR |
3.375% |
3.557% |
4.125% |
4.161% |
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Mortgages up to $2,000,000, 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