If you are thinking about purchasing a new home or refinancing your current mortgage, now could be the time to act.  There is considerable uncertainty looming over the markets as our Congress has yet to reach an agreement on the debt ceiling.  Some ratings agencies are saying that a downgrade of U.S. debt is imminent, and that could potentially cause interest rates and mortgage rates to rise significantly.  Although I suspect that a compromise will ultimately be reached, there is limited upside but a large amount of downside in waiting to lock in.  To lock your rate today, call one of our licensed mortgage professionals at 877-868-2503.   

Todays Links:

Boston Real Estate Now: Massachusetts home sales worst since 1991.

Felix Salmon: Is it time to abolish the triple-A rating?

Reuters: Still no debt ceiling agreement.

WSJ: U.S. downgrade would renew weakness in housing, as well as cause a whole lot of other damage.

ABC News: Could the 14th amendment (The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.) be invoked to declare the debt ceiling unconstitutional?

Tri-City Herald: The deadline to apply for the Emergency Homeowners Loan Program was extended through Wednesday.

 

Our Rates and Products:

Fixed rate mortgages provide a lot of stability because their monthly principal and interest payments stay consistent for the life of the loan. 30 year fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.250% with an APR of 4.368%. 15 year fixed rate mortgages are going at a rate of 3.500% with an APR of 3.704%.

Adjustable rate mortgages are can save you a lot of money if you only intend to be in your home for the short term.  5/1 ARMs are available at a rate of 2.750% and an APR of 3.043%.

The rates on jumbo mortgages are lower than they have been in quite some time. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%.  A 5/1 Jumbo ARM starts at 2.875% with and APR of 3.091%.

FHA mortgages are popular because of their low down payment requirement and underwriting requirements that are generally less stringent than from other sources of financing.  30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR.

***Mortgage rates are always changing. All rates were quoted at 1:10 P.M., on July 26, 2011.***

Mortgage Product Mortgage Rates APR

30 Year Fixed Conventional Mortgage 4.250% 4.368% 15 Year Fixed Conventional Mortgage 3.500% 3.704% 30 Year Fixed FHA Mortgage 4.250% 5.563% 30 Year Fixed Jumbo Mortgage 5.125% 5.228% 5/1 Conforming ARM Mortgage 2.750% 3.043% 5/1 Jumbo ARM Mortgage 2.875% 3.091%

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