Most rates improved slightly over last week, and for the time being, the Fed will continue with its purchase of mortgage-backed securities (“MBS”). As you are aware, though, besides the Fed’s (eventual) plan to cut back on their MBS purchases, there is heavy Congressional debate re how the government should replace Fannie Mae and Freddie Mac. There is a recent, interesting article in “The Wall Street Journal”, which discusses the reason for the contemplated demise of Fannie/Freddie. The link is below, if you’re interested. It discusses the how Fannie/Freddie work in the marketplace, and the reason for the debate to curtail their roles within the mortgage market:
http://online.wsj.com/article/
30-yr mortgages are sometimes considered a luxury for many U.S. home owners, and aren’t available in most other countries in the world. We may eventually go back into the world of shorter-term mortgages or ARM’s, with maybe higher down payment requirements. There are innumerable questions on this debate, which may be postponed indefinitely. Just be aware and stay tuned as we keep our ears to the ground, hoping to be ahead of unfolding events.
We always appreciate the opportunity to be your trusted mortgage source. Call with questions or scenarios – for your buyers or sellers – without obligation.
|
ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 09/23/2013 *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 |
4.25% |
4.375% |
4.375% |
4.415% |
| 15-YR |
3.25% |
3.437% |
3.50% |
3.569% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.875% |
4.984% |
5.375% |
5.397% |
| 15-YR |
4.00% |
4.185% |
4.75% |
4.786% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.00% |
6.169% |
3.25% |
6.315% |
| 7/1 ARM |
3.375% |
5.976% |
3.75% |
6.323% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.25% |
6.153% |
NQ |
— |
| 10/1 ARM |
4.25% |
6.106% |
4.50% |
6.337% |
|
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