Rates Hold On to Last Week’s Improvements to Remain at Two Month Lows.

 Approximate Rates for Week Ending 11/18/2022

Rates stayed steady this week with no bounce back from the sharp decreases of last week. This is an encouraging sign that rates have started to find their new stable level although there were several comments from Fed Members saying that although the inflation data was reassuring that their short-term rate hike policy is working it was not enough to put it on pause yet.

86% of experts think that rates will continue to go down and 14% think they will go back up. None are sitting on the fence this week!

With increased 1st lien rates to deter cash out refinances and the Prime Rate’s significant increases to deter traditional variable Home Equity Lines of Credit (HELOC) there is now a new fixed rate HELOC product available. The streamlined process allows quick access to your home equity at fixed rate terms of 5, 10, 15, and 30 years.

Experts are split at 36% each on whether rates will go up or stay the same. 27% 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 since last update

Conforming (<$715,000)

30yr Fixed

6.0% (6.13%)

5.625% (6.21%)

No Change

10yr ARM

-

-

-

7yr ARM

-

-

-

5yr ARM

-

-

-

15yr Fixed

5.5% (5.64%)

5.00% (5.58%)

No Change

High-Cost Conforming (>$715,000<$970,800) *

30yr Fixed

6.375% (6.39%)

6.0% (6.41%)

+0.125%

5yr ARM

-

-

-

15yr Fixed

6.0% (6.11%)

5.5% (6.09%)

+0.125%

Jumbo (>$970,800) *

30yr Fixed

6.125% (6.23%)

5.75% (6.24%)

-0.125%

10yr ARM

5.625% (5.74%)

5.375% (5.76%)

No Change

7yr ARM

5.5% (5.64%)

5.25% (5.56%)

No Change

5yr ARM

5.5% (5.64%)

5.25% (5.76%)

No Change

15yr Fixed

6.0% (6.03%)

5.75% (5.92%)

No Change

No Points No Cost Also Available!

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