The future for July and August mortgage rates should take direction from the economic releases this week. As you can see, we have some big market movers ahead of us: PPI (Tues) , CPI (Wed) , Jobless Claims (Thur), and Housing Starts (Fri). Mortgage bond traders will be looking for signs of a strengthening economy, which might hint at future inflation, to sell off bonds thereby increasing mortgage rates.
We're locking all loans as retail mortgage rates seem stable and attractive at this level:
Mortgage Rates for July 13, 2009:
Conv 5.0% (no points) , 4.75% ( 1 point), 4.5% (2 points)
FHA 5.0% (no points)
VA 5.0% (.25 point)
All loan quotes assume a 740 credit score, full income documentation with acceptable debt-to-income ratios, and required down payments (20% for conventional, 3.5% for FHA, and zero-down for VA). We will charge a 1% origination fee plus a $695 processing fee.
Apply online now. It's really simple and should take about 20 minutes.
