Difficult to say what exactly is fueling the gains in the mortgage backed securities market; it could be the calamity across the Atlantic, it could be the DOW falling below 10,000 and reaching the lowest points in 2010, or perhaps the 10 year treasury yield falling below 3.200% (currently 3.14%)... whatever the reason, home loan interest rates are currently at historic lows. For conforming loans under 417,000, 4.375% can be secured on a 30 year fixed, and is actually paying a small rebate. Jumbo conforming 30 year fixed rates are around 4.75% also paying a rebate.
Considering the Case Schiller index is currently reporting home prices are currently at their lows, and we have recognize that a perfect storm has formed for home buyers. Anyone in need of a fast preapproval - don't hesitate to contact us.
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