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.
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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 (<$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
