Tuesday, August 2, 2011

Mortgage interest rates plunge on debt deal news

From one of my favorite loan officers, Gary Ogami at Pinnacle Peak Lending, Inc. comes the news that mortgage interest rates just hit year-long lows:

…rates are now at the year’s lows, and are only slightly above the all-time lows we saw almost one year ago.

The passage of a debt ceiling and deficit reduction agreement, along with weaker than expected manufacturing and GDP figures, bonds have rallied as investors have sought safety.  This has lead to higher bond, and more importantly, mortgage-backed securities (MBS) prices, which have brought yields and rates lower.  The last time we approached this price level for MBS’s was late summer/early fall of last year!

Mortgage Term Rate APR
30 Yr Fixed 360 months 4.250% 4.297%
15 Yr Fixed 180 months 3.625% 3.736%

 

Are you looking for a mortgage loan officer? Try Gary, I highly recommend him.

Gary Ogami
Pinnacle Peak Lending, Inc.
gary@pinnaclepeaklending.com

He’ll get your pre-qualification on the fast track and meanwhile you can start searching for homes on our MLS SearchContact us with any questions and when you’re ready to hire a Realtor!