Mortgage rates have been trending up lately after falling for most of the spring.  There is no telling when or if rates will spike further, but if you have been considering refinancing your mortgage or are close to purchasing a new home, now may be the time to act.  Dont let this opportunity to save pass you by.  Call one of our licensed mortgage professionals today at 877-868-2503 to learn more about our products and rates or to begin the pre-approval process for a home loan.  Dont delay, start saving today.

 

The $8.5b B of A settlement will face legal challenges.  Read more from Yves Smith on the B of A settlement here.

Meanwhile, more rumors of a settlement between large lenders and the states abound.

Jobless claims were down by 14,000 last week.

Interesting Reuters report on what the Treasury may do if the debt ceiling is not raised.

ADP reports that private employment was up by 157,000 jobs in June.  The big non-farms payroll report will be out tomorrow morning.

A law may be proposed today that would replace Fannie and Freddie with a government-run entity.

 

Our Rates and Products:

Fixed rate mortgages offer a lot of cost certainty over the life of the loan, which makes them exceedingly popular in the United States.  30 year fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.375% with an APR of 4.491%. 15 year fixed rate mortgages are going at a rate of 3.625% with an APR of 3.825%.

Adjustable rate mortgages can be a great deal for those who only intend to stay in their home for the short term.  5/1 ARMs are available at a rate of 3.000% and an APR of 3.125%.

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 3.500% with and APR of 3.886%.

FHA mortgages are excellent choices for first time homeowners who have good credit but not a lot of money for a down payment.  30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR. Minimum down payments start at just 3.5%.

***Mortgage rates are always changing. All rates were quoted at 1:05 P.M., on July 7, 2011.***

Mortgage Product Mortgage Rates APR

30 Year Fixed Conventional Mortgage 4.375% 4.491% 15 Year Fixed Conventional Mortgage 3.625% 3.825% 30 Year Fixed FHA Mortgage 4.250% 5.563% 30 Year Fixed Jumbo Mortgage 5.125% 5.228% 5/1 Conforming ARM Mortgage 3.000% 3.125% 5/1 Jumbo ARM Mortgage 3.500% 3.886%

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