Not a good week for rates. Let me try to reset the week for you:
Jobs Report last week: Fewer jobs created than expected, but Unemployment Rate dropped to 9%. (how does that happen?) Mixed news, and rates didn't know which way to go.
This week, more talk of inflation fears and the Dow holding above 12,000 has given a lift to rates as money seems to be moving into more speculative investments that yield a better return than a fixed rate bond (or mortgage). While this hurts homebuyers that are hoping to obtain rock bottom rates, its a positive sign for the economy in general! Forecast is for more of the same next week, but not expecting rates to go past mid 5% range until later this year. (30 yr rates)
General rates as of today:
- 30 Yr Conventional – 5.125%
- 30 Yr VA – 4.875%
- 30 yr FHA – 4.75%
- 15 Yr Conventional – 4.50%
- 5/1 ARM – 3.50%
- USDA (zero down) – 5%
*Remember rates are affected by many factors such as: credit score, time before closing, down payment amount, etc.)
If you need my help this weekend, I'll be in town. Just reach out and I'll do what I can!
Brad Arendt 854-4457
www.bradarendt.com
