First Time Home Buyers
We need to keep this in context, we’re still dealing with rates that are at or near their all-time lows.
In the past two days, we’ve seen the benchmark 30 Year Fixed go from 4.625% requiring 0 discount points to 4.75% requiring a .25% discount.
Why did rates go up? In the shortest answer, every event in the past 45 days had caused more buying of mortgage backed securities. They were simply overbought.
There is less than $200 billion in the budget for the $1,250,000,000,000 purchase program. There remains a small chance that rates could go slightly lower, but a much higher likelihood that rates could go up significantly.
Today’s Mortgage Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.500% | 1.41% | 4.685% |
| 4.625% | 0.82% | 4.762% |
| 4.750% | 0.26% | 4.840% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.375% | 1.13% | 4.534% |
| 4.500% | 0.71% | 4.626% |
| 4.625% | 0.32% | 4.718% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.125% | 1.14% | 4.282% |
| 4.250% | 0.20% | 4.330% |
| 4.375% | 0.00% | 4.386% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.500% | 1.31% | 3.663% |
| 3.625% | 1.25% | 3.784% |
| 3.750% | 0.85% | 3.879% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.250% | 1.26% | 3.406% |
| 3.375% | 0.93% | 3.506% |
| 3.500% | 0.52% | 3.600% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.500% | 1.59% | 5.447% |
| 4.625% | 1.54% | 5.565% |
| 4.750% | 0.56% | 5.606% |
| Assumptions | ||
If you enjoyed this article, please consider sharing it!
