02/27/2024
There are several economic and inflation reports coming out this week that could create some instability for mortgage rates. The FED has made it very clear; they will not consider cutting the FED Fund Rate until they see a weaking labor market AND inflation dropping into the 2% range. The current unemployment rate is 3.7%. A weaking labor market consider by the FED is anything in the 4% range. Inflation is currently at 3.1%.
Below are Market Rates for a Purchase Transaction, as of: 2-26-24.
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!
Conventional - 30 Yr. Fixed
Interest Rate: 6.500%
Annual Percentage Rate: 6.597%
Example: P&I Payment at $500,000 Loan Amount = $3,160.34
Conventional - 25 Yr. Fixed
Interest Rate: 6.500%
Annual Percentage Rate: 6.609%
Example: P&I Payment at $500,000 Loan Amount = $3,376.04
Conventional - 20 Yr. Fixed
Interest Rate: 6.375%
Annual Percentage Rate: 6.502%
Example: P&I Payment at $500,000 Loan Amount = $3,691.16
Conventional - 15 Yr. Fixed
Interest Rate: 6.000%
Annual Percentage Rate: 6.157%
Example: P&I Payment at $500,000 Loan Amount = $4,219.28
Conventional - 10 Yr. Fixed
Interest Rate: 6.000%
Annual Percentage Rate: 6.223%
Example: P&I Payment at $500,000 Loan Amount = $5,551.03
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
JUMBO - 30 Yr. Fixed "ASSETS ONLY"
Interest Rate: 7.875%
Annual Percentage Rate: 7.980%
Example: P&I Payment at $2,000,000 Loan Amount = $14,501.39
VA - 30 Yr. Fixed
Interest Rate: 5.750%
Annual Percentage Rate: 6.056%
Example: P&I Payment at $500,000 Loan Amount = $2,917.87
FHA - 30 Yr. Fixed
Interest Rate: 5.750%
Annual Percentage Rate: 6.005%
Example: P&I Payment at $500,000 Loan Amount = $2,917.87
There are several economic and inflation reports coming out this week that could create some instability for mortgage rates. The FED has made it very clear; they will not consider cutting the FED Fund Rate until they see a weaking labor market AND inflation dropping into the 2% range. The current unemployment rate is 3.7%. A weaking labor market consider by the FED is anything in the 4% range. Inflation is currently at 3.1%.
Below are Market Rates for a Purchase Transaction, as of: 2-26-24.
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!
Conventional - 30 Yr. Fixed
Interest Rate: 6.500%
Annual Percentage Rate: 6.597%
Example: P&I Payment at $500,000 Loan Amount = $3,160.34
Conventional - 25 Yr. Fixed
Interest Rate: 6.500%
Annual Percentage Rate: 6.609%
Example: P&I Payment at $500,000 Loan Amount = $3,376.04
Conventional - 20 Yr. Fixed
Interest Rate: 6.375%
Annual Percentage Rate: 6.502%
Example: P&I Payment at $500,000 Loan Amount = $3,691.16
Conventional - 15 Yr. Fixed
Interest Rate: 6.000%
Annual Percentage Rate: 6.157%
Example: P&I Payment at $500,000 Loan Amount = $4,219.28
Conventional - 10 Yr. Fixed
Interest Rate: 6.000%
Annual Percentage Rate: 6.223%
Example: P&I Payment at $500,000 Loan Amount = $5,551.03
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
JUMBO - 30 Yr. Fixed "ASSETS ONLY"
Interest Rate: 7.875%
Annual Percentage Rate: 7.980%
Example: P&I Payment at $2,000,000 Loan Amount = $14,501.39
VA - 30 Yr. Fixed
Interest Rate: 5.750%
Annual Percentage Rate: 6.056%
Example: P&I Payment at $500,000 Loan Amount = $2,917.87
FHA - 30 Yr. Fixed
Interest Rate: 5.750%
Annual Percentage Rate: 6.005%
Example: P&I Payment at $500,000 Loan Amount = $2,917.87
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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