By Andy Harris, President of Vantage Mortgage Brokers
VMG Weekly Rate Tracker – 10/28/2015
DATE: Wednesday, October 28th, 2015
TIME: 4:00 PM PST
STATES: OREGON & WASHINGTON
CHANGE THIS WEEK: STAGNANT/MILD WORSENING (since last Wednesday)
SUGGESTION: LOCK – Market will continue to be volatile, keep close watch (see below for more commentary)
VMG’S FIXED RATE PRICING OPTIONS (rates subject to change)
Contact Loan Consultant for customized QUOTE.
You can also run your scenario in our online PRICING ENGINE.
GREEN = LENDER CREDIT BACK TO YOU (to apply to any 3rd party closing costs or prepaids) BASED OFF % OF LOAN AMOUNT
RED = OPTIONAL BUY-DOWN BASED OFF % OF LOAN AMOUNT
[[[CONTACT US FOR ADDITIONAL PROGRAM QUOTES SUCH AS CONFORMING HIGH BALANCE, ARMs, JUMBO, USDA, ETC.]]]
*Rates change daily. Conforming interest rate samples based off $260,000 loan amount, 80% Loan to Value, 740 or higher FICO score, with impounds on a 30 day rate lock period and $895 underwriting fee if not covered by lender rebates. FHA based off 3.5% down payment, but other same variables. Costs or credits shown pertain to interest rate and do not include any other applicable 3rd party title and escrow charges or prepaid tax and insurance reserves which may or may not apply. Lock period suggested depends on current loan volume and lending climate at time of loan application and approval. Other risk-based pricing adjustment may apply. The displayed annual percentage rates (APRs) include total points and additional prepaid finance charges but do not include other closing costs. On adjustable-rate loans, rates are subject to increase over the life of the loan. Learn more about assumptions and APR Information. Loan pricing may only be locked through a home loan consultant to be effective. Rates will depend in part on your unique credit history and transaction characteristics. Please email or call for updated pricing at anytime as rates and pricing are subject to change. This information does not constitute a loan commitment or approval.
WEDNESDAY AFTERNOON UPDATE:
This week’s FOMC meeting has adjourned with no change to key short-term interest rates. This did not come as a surprise to most analysts. However, what did catch many off guard was a strong hint in the Fed’s post-meeting statement that a move is quite possible during December’s meeting. This shouldn’t have come as a surprise to the markets since sometime in 2015 has been projected for quite some time. Apparently it did still surprise market participants, so we are seeing a negative reaction in the bond market.
Float / Lock Recommendation
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Harris Consulting, Inc. DBA Vantage Mortgage Group, Inc.
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