Rates Lower After Election.
Approximate rates for week ending 11/6/2020

Rates started higher on Monday and Tuesday as they took a defensive stance preparing for what might happen with the election. But after the Vote – even while things were in suspense - they settled back down and ended up lower than the end of last week. It was not that Biden won the Presidency that was a calming influence on rates, but that the Republicans held the Senate.  If it were not for the government refi-fee rates would be back to their all-time lows.

50% of experts think that rates will go down this week, 30% think they will stay steady and 20% think that they will go up.

If you have any questions or would like advice tailored to your needs, I would be happy to help! And if you have any family or friends that you think might benefit from my services, I would be grateful for the referral

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Mark Smith
Victoria Capital
Los Gatos
408 353 9784
www.MarkSmithLoans.com 

Program

No Points (APR)

 1 Point (APR)

Change on Week

Conforming (<$510,400)

30yr Fixed

2.5% (2.63%)

2.25% (2.58%)

-0.125%

10yr ARM

-

-

-

7yr ARM

-

-

-

5yr ARM

-

-

-

15yr Fixed

2.125% (2.227%)

1.875% (2.19%)

-0.125%

 High Cost Conforming (>$510,400<$765,600) *

30yr Fixed

2.75% (2.99%)

2.375% (2.86%)

-0.125%

5yr ARM

-

-

-

15yr Fixed

2.375% (2.51%)

1.875% (2.28%)

-0.125%

Jumbo (>$765,600)**

30yr Fixed

3.25% (3.31%)

2.75% (2.85%)

No Change

10yr ARM

3.125% (3.22%)

-

No Change

7yr ARM

2.875% (3.09%)

-

No Change

5yr ARM

2.625% (2.89%)

-

No Change

15yr Fixed

3.0% (3.11%)

-

No Change


FHA LOANS AVAILABLE WITH JUST 3.5% DOWN to $765,600

No Points No Cost Also Available!

APRs calculated on Purchase loan amount of $350k (conforming), $600k (high cost conforming,) and $750k (Jumbo) 21- day lock, 60% LTV, impounds,780 fico.
This is not a commitment to lend. Rates are provided for informational purposes only. Please contact me for rates, products and costs for your individual situation.

*Assumes high cost areas, e.g., Santa Clara County and other Bay Area Counties

DRE: 01395052

NLMS:308562