Rates Down on Bank Failures.

 Approximate Rates for Week Ending 3/17/2023

The recent failure of Silicon Valley and Signatures Banks have had the silver-lining effect of reducing mortgage rates. Uncertainty of bank solvency is channeling investment into the safety of long term bonds and mortgage backed securities and may even cause the Fed to reconsider increasing their short term rates in their upcoming meeting.

Most (70%) experts think rates will continue to go down in the coming week while 20% think they will stay down and 10% think 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

LOWER HOME AFFORDABLE RATES AVAILABLE FOR FIRST TIME HOMBUYERS SUBJECT TO INCOME LIMITS

Program

No Points (APR)

 1 Point (APR)

Change since last update

Conforming (<$726,200)

30yr Fixed

5.75% (5.85%)

5.375% (5.81%)

-0.625%

10yr ARM

-

-

-

7yr ARM

-

-

-

5yr ARM

-

-

-

15yr Fixed

5.25% (5.31%)

4.625% (5.35%)

-0.625%

High-Cost Conforming (>$726,200<$1,089,300) *

30yr Fixed

6.125% (6.23%)

5.75% (6.24%)

-0.5%

5yr ARM

-

-

-

15yr Fixed

6.0% (6.09%)

5.25% (6.01%)

-0.5%

Jumbo (>$1,089,300) *

30yr Fixed

6.5% (6.57%)

6.25% (6.54%)

No Change

10yr ARM

6.125% (6.18%)

5.625% (6.12%)

-0.125%

7yr ARM

-

-

-

5yr ARM

-

-

-

15yr Fixed

6.5% (6.57%)

6.25% (6.54%)

No Change

APRs calculated on Purchase loan amount of $600k (conforming), $760k (high-cost conforming,) and $1.1m (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.

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

DRE: 01395052

NLMS:308562