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Mortgage Rates Fall Four Days Straight
October 18th, 2007 categories: Buying, Real Estate Finance, Real Estate News
Treasuries have benefited from weak economic indicators this week as investors made a “flight to quality.” Wednesday, we saw more bad news for the Housing Market with a significant decline in both new home starts and applications for building permits. Thursday, the Labor Department announced more initial jobless claims than forecasted. There is once again talk of a looming recession and eminent rate cut. More people are speculating the Federal Reserve will make another rate cut as soon as their October 30-31st meeting.
Also today, the Office of Federal Housing Enterprise Oversight (OFHEO) announced it will leave the conforming loan limit at $417,000.
You may be asking yourself, where is the good news in all of this? The good news is that mortgage rates are benefiting from the dark economic forecast and lenders are once again trying to attract new mortgages into their portfolio with low rates and expanded programs and guidelines. People in the market to purchase a home have an opportunity to negotiate aggressively on their home purchase and take advantage of low interest rates and more friendly guidelines.
Here are today’s rates:
CONFORMING 30 YEAR FIXED 5.875% @ 1 Point / 6.125% @ 0 Points
CONFORMING 5/1 INTEREST ONLY ARM 5.5% @ 1 Point / 5.875% @ 0 Points
JUMBO 30 YEAR FIXED 7.0% @ 1 Point / 7.375% @ 0 Points
JUMBO 5/1 INTEREST ONLY ARM 6.125% @ 1 Point / 6.625% @ 0 Points
Lysa Catlin
Vice President
CMC Finance Inc.
(858) 456-3000 office
(858) 630-6300 fax
(858) 774-4486 direct
Leave a Reply
Denny Oh
(858) 243-2092
This is good news, Denny. As long as rates stay low, we’ll have something to prop up many markets that are in trouble. If you’re a renter, now is as good a time as any to take the plunge.
It is good news. Luckily I work with a great lender who keeps me and my clients informed on how the market is doing. And I agree, I think buyers will see the best deals within the next 12-18 months or so. But then again, who knows…I’m just a Realtor.