For the last two days mortgage rates have increased, largely as a result of the news out of Greece.  The Greeks passed a controversial austerity budget linked to a bailout that might save the Greeks from defaulting on their debt (although it appears increasingly likely that debt will have to be restructured in some way).  Rates are rising as I write this, and those who wish to make a home purchase or refinance their current mortgage may be wise to lock their rate before rates spike further. If you want to speak to one of our licensed mortgage professionals in order to lock a low rate or find out more about our rates and products, call us today at 877-868-2503. Dont miss your opportunity.

B of A settled potential repurchase claims with investors for $8.5 billion.

Mortgage applications were down 2.7 percent last week.

New York Attorney General Eric Schneiderman will not sign onto the foreclosure deal, and will take the hardest line against it.

Homes for sale inventory down 8.5 percent from June 2010 to June 2011.

Greece passed severe budget cuts despite widespread protests.

 

 

 

Our Rates and Products:

Fixed rate mortgages are the most popular mortgage in the United States because they offer a degree of cost certainty over 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 4.365%. 15 year fixed rate mortgages are going at a rate of 3.500% with an APR of 3.700%.

Adjustable rate mortgages are close to all-time lows, and may be a great value for the right kind of borrower.  If youre going to occupy your house for the short term, an ARM could save you a ton of money.  5/1 ARMs are available at a rate of 2.750% and an APR of 2.595%.

The rates on jumbo mortgages are now more available and lower than theyve been for years. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%.  A 5/1 Jumbo ARM starts at 2.750% with and APR of 2.595%.

FHA mortgages only require a 3.5 percent down payment, which is great for those with good credit but without a lot of money up front.  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 1:10 P.M., on June 29, 2011.***

Mortgage Product Mortgage Rates APR

30 Year Fixed Conventional Mortgage 4.250% 4.365% 15 Year Fixed Conventional Mortgage 3.500% 3.700% 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% 2.595% 5/1 Jumbo ARM Mortgage 2.875% 2.797%

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