Rates Continue to Drift Upwards but new $625,000 Conforming Limit Available!

 Approximate Rates for Week Ending 10/8/21

Home loan rates continued to drift upwards this week: even the disappointing jobs report did nothing to reverse that trend to leave rates the highest in 6 months. Word has been released that the regular nationwide non-high-cost conforming limit will be increased to $625,000 (from $548,250) in 2022 and some lenders are offering rates up to this limit already. High-cost conforming rates are up to 1.5 times that amount so we can expect conforming rates up to $937,500 in high cost areas soon – not available quite yet though.

58% of experts think that rates will go up this week, 33% think they will stay steady and 8% think they will go down.

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.

Please follow me on Facebook and Twitter.

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

Program

No Points (APR)

 1 Point (APR)

Change on Week

Conforming (<$548,250)

30yr Fixed

2.75 (2.83%)

2.5% (2.82%)

+0.125%

10yr ARM

2.375% (2.41%)

2.0% (2.35%)

+0.125%

7yr ARM

2.125% (2.27%)

1.75% (2.19%)

No Change

5yr ARM

2.125% (2.27%)

1.75% (2.19%)

+0.125%

15yr Fixed

2.0% (2.09%)

1.75 (2.08%)

+0.125%

 High-Cost Conforming (>$548,250<$822,375) *

30yr Fixed

2.875% (2.89%)

2.625% (2.88%)

+0.125%

5yr ARM

2.5% (2.59%)

2.0% (2.52%)

+0.125%

15yr Fixed

2.125% (2.19%)

1.875% (2.19%)

+0.125%

Jumbo (>$822,375) *

30yr Fixed

3.0% (3.08%)

2.75% (3.01%)

+0.125%

10yr ARM

2.625% (2.70%)

-

No Change

7yr ARM

2.5% (2.69%)

-

No Change

5yr ARM

2.375% (2.59%)

-

No Change

15yr Fixed

2.75% (2.81%)

2.375% (2.80%)

No Change

FHA LOANS AVAILABLE WITH JUST 3.5% DOWN to $822,375

Conforming with only 5% down

No Points No Cost Also Available!

APRs calculated on Purchase loan amount of $350k (conforming), $600k (high-cost conforming,) and $750k (Jumbo) 30- 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.

** Jumbo Rates Assume Purchase with low LTV and High Credit

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

DRE: 01395052

NLMS:308562