Just wanted to send out a quick note on how rates ended on Friday and what happened in the mortgage world over the week. Also, if you need any lending help or questions, don't hesitate to reach out to me!
The biggest news was on Thursday when the initial jobless/unemployment numbers came out. The number was right on with what was expected, which is a good thing for all of us. Rates got a little better (if the number came in much higher than, rates would have gone up).
Rates right now are actually at the best levels they have been in 2014! Next week is a big week - on Wednesday we have the Federal Open Market Committee (FOMC) announcement. This is a group within the Federal Reserve - and usually the biggest market mover of any month. Depending on what they say, it may even drive rates lower!
As soon as we hear what the announcement is, we will send it out so you know what to expect and what rates are likely going to do!
At end of business on Friday - here is a snapshot of the rates for the most common loan types we originate. Remember, these rates can change depending on credit score, down payment, etc.
- FHA 30 year - 3.875% (5.619% apr)
- Conventional 30 year - 4.5% (4.569% apr)
- Conventional 15 year - 3.625% (3.739% apr)
- VA 30 year - 4% (4.176% apr)
- RD 30 year - 4.125% (4.644% apr)