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Thoughts from Brian!
After last weeks FED meeting, and comments made by Jerome Powell over the weekend, Traders have lost all hope for a March rate cut. This has caused the markets to move sideways as Traders reposition their money. The result, mortgage rates have ticked up and will stay around current levels until the next FED meeting in March. Traders think the FED will be forced to cut rates sooner than the June timeframe that the FED laid out back in December, but the FED is sticking to their guns, warning Traders to not be so optimistic. The FED is focused on market stability and they will not cut rates until they feel they have achieved this.
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Below are Market Rates for a Purchase Transaction, as of: 2-5-24.
Interest Rates do vary depending on: Property Type, Occupancy Type, Credit Score and Down Payment, other factors may apply. Please review and let me know if you have any question. Please feel free to share with everyone you know as well, thank you!
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Conventional - 30 Yr. Fixed
Interest Rate: 6.375%
Annual Percentage Rate: 6.471%
Example: P&I Payment at $500,000 Loan Amount = $3,119.35
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Conventional - 25 Yr. Fixed
Interest Rate: 6.375%
Annual Percentage Rate: 6.483%
Example: P&I Payment at $500,000 Loan Amount = $3,337.09
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Conventional - 20 Yr. Fixed
Interest Rate: 6.125%
Annual Percentage Rate: 6.294%
Example: P&I Payment at $500,000 Loan Amount = $3,618.31
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Conventional - 15 Yr. Fixed
Interest Rate: 5.875%
Annual Percentage Rate: 6.032%
Example: P&I Payment at $500,000 Loan Amount = $4,185.59
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Conventional - 10 Yr. Fixed
Interest Rate: 5.875%
Annual Percentage Rate: 6.097%
Example: P&I Payment at $500,000 Loan Amount = $5,519.69
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JUMBO - 30 Yr. Fixed "FULL DOC"
Interest Rate: 6.875%
Annual Percentage Rate: 6.974%
Example: P&I Payment at $2,000,000 Loan Amount = $13,138.58
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JUMBO - 30 Yr. Fixed "ASSETS ONLY"
Interest Rate: 7.500%
Annual Percentage Rate: 7.603%
Example: P&I Payment at $2,000,000 Loan Amount = $13,984.29
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VA - 30 Yr. Fixed
Interest Rate: 5.625%
Annual Percentage Rate: 5.929%
Example: P&I Payment at $500,000 Loan Amount = $2,878.28
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FHA - 30 Yr. Fixed
Interest Rate: 5.625%
Annual Percentage Rate: 5.878%
Example: P&I Payment at $500,000 Loan Amount = $2,878.28
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Figures shown above are for a First Mortgage and reflect Principal & Interest payments only. They do not include impounds, (Property Taxes & Homeowners Insurance) or any Private Mortgage Insurance associated with the loan program. Figures above are based on a 15 Day Lock Period, Full Documentation, Single Family Home, Primary Residence, Purchase transaction. Interest Rates are subject to change at time of lock based on market conditions, property type, occupancy type, credit score and loan to value ratio. Other factors may apply. All borrowers subject to credit qualifications. Not all borrowers will qualify as certain restrictions apply on all programs. The information contained in this material is not a guarantee to extend credit or lend. Terms and conditions are subject to change without notice. Figures reflecting Conventional loan options are based on borrowers putting a minimum 5% down payment with a minimum 760 credit score. Figures reflecting FHA loan options are based on borrowers putting a minimum 3.50% down payment, with a minimum 760 credit score and include a 1.75% Funding Fee that is financed into the loan. Figures reflecting VA loan options are based on borrowers putting a minimum 0.00% down payment, with a minimum 760 credit score and include a 2.30% Funding Fee that is financed into the loan. Figures reflecting JUMBO loan options are based on borrowers putting a minimum 25% down payment with a minimum 760 credit score. Adjustable Rate Mortgage figures reflect the Fixed period introductory rate and Principal & Interest payments only. Adjustable Rate Mortgages have the following Margin, Index and Cap Rate which is subject to change: Conventional Margin of 2.25%, Index LIBOR with Caps of 2/2/5. FHA & VA Margin of 1.75%, Index US Treasury with Caps of 1/1/5. JUMBO Margin 2.75%, Index SOFR with Caps of 2/1/5. | | |
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Meet Brian the Home Loan Guy
| My name is Brian Beres. I am 47 years old, a proud husband and father of 2 daughters. I have been in Residential Lending for 19 years. My top priority is to educate my clients about the mortgage process, build a loan that best fits their financing needs and keeps them within budget. If you or someone you know are in the market to purchase or refinance a home please give me call. I would love the opportunity to work with you and help you with your financing needs, thank you! | | | | |
