Interest Rate Update by Ben at Wells Fargo
Mortgage-backed securities traded in a wide range this week. There was a massive sell-off in bonds on Thursday but the market gave back some of those losses the very next day. April unemployment figures came in at -539,000 bringing the Unemployment Rate up to a 26-year high of 8.9%. The only good news was that the 539,000 lost jobs represented the smallest loss since October 2008. Meanwhile, rates continue to hold at steady levels.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 4.750%
5/1 ARM – 3.750%
High Balance Conforming ($567,500 maximum)
30 year fixed – 4.875%
Non-Conforming (Jumbo)
30 year fixed – 6.125%
5/1 ARM – 5.125%
FHA
30 year fixed – 4.875%
5/1 ARM – 4.625%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
