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
