Rates are still very volatile but ending the day today lower.
Conforming 30 Year Fixed are at 3.875% (under $417,000) High Balance at 4.25% ($417,000 to $729,750) and Jumbo (over $729,750) at 5.5%. Conforming 15 Year are at 3.5%, High Balance at 3.625% and Jumbo at 5%. REALLY REALLY GREAT!
A stock market rally based on strong third quarter Corporate earnings caused rates to increase yesterday and earlier today but the prices recovered and rates went down again. The markets are waiting for the Federal Reserve Board to announce the details of its new program to pump up the economy through the purchase of Treasury bonds, known officially as Quantitative Easing. This expectation in the markets is keeping our rates low.
Let me know if I can answer any questions or help you get your clients into these great rates!
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