By Andy Harris, President of Vantage Mortgage Brokers Buying a home is one of the…
VMG Weekly Rate Tracker – 12/16/2015
NMLS# 35986 
VMG Weekly Rate Tracker- Your Local Mortgage Leaders (sharing is caring)
DATE: Wednesday, December 16, 2015
TIME: 2:30 PM PST
STATES: OREGON & WASHINGTON
CHANGE THIS WEEK: SLIGHTLY WORSE (from last Wednesday)
SUGGESTION: LOCK/GET IN POSITION TO LOCK – Market will continue to be volatile, keep close watch (see below for more commentary)
VMG CLIENT’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.
Federal Open Market Committee (FOMC) Statement
WEDNESDAY AFTERNOON UPDATE:
The FOMC meeting has adjourned with an announcement of a 0.25% increase to key short-term rates. This is the first rate hike since June 2006 but was widely expected by most analysts and market participants. The Fed also released their economic projections for next year, showing they expect overall economic growth to be slightly stronger than previously thought (+2.4% vs 2.3%). They also indicated that the national unemployment rate is likely to stand at 4.7% next year, just below the previous estimate of 4.8%.
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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