Mortgage Rates for Friday, May 29th
What a wild week! Mortgage-backed securities took their biggest one-day beating this Wednesday since last October. More than 200 bps were given up that day, causing rates to jump up ~ .500% from where we started in the morning. Most of the selloff stemmed from an oversupply of Treasuries issued by the government. Fears of inflation were a concern, as investors visualized greenbacks being printed off in mass supply by a government trying to artificially fund all of these stimulus packages. And just when we thought the market was going in one direction (south), it reverses course and gives us back some of those losses. 134 bps were regained today at market close. This is about as volatile as I’ve ever seen it. So buckle up and hang on – it’s a rollercoaster ride right now!
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 – 5.000%
5/1 ARM – 4.000%
High Balance Conforming ($567,500 maximum)
30 year fixed – 5.125%
Non-Conforming (Jumbo)
30 year fixed – 6.250%
5/1 ARM – 5.000%
FHA
30 year fixed – 5.125%
5/1 ARM – 4.250%
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
