Rate Update June 1 2011

June 1, 2011 Posted by Andre Hemmersbach

Mortgage rates have really fallen in the last 40 days and the news for some reason has not yet covered the story. Mortgage rates are just like gas prices in that they go up faster than they come down, so if you have been thinking about a refinance or a purchase now is the time to act! See chart below.

Bond Prices as of 6/1/2011 (Bond prices and rates have an inverse relationship so green is good for lower rates and red means higher rates.)

Continuing questions about the strength of the economy at home and concerns about the financial stability in Europe have once again made investors seek the safety of a steady income stream like those of treasury and mortgage bonds.

Current Mortgage Rates:
30 Year Fixed 4.49% 4.53 APR
15 Year Fixed 3.75% 3.75 APR
10 Year Fixed 3.25% 3.32 APR
10 Year ARM 4.125% 3.39 APR
7 Year ARM 2.875% 2.992 APR

All the above rates are for 80% LTV, SFR, Purchase loan, loan amount of $417,000, 780 FICO and Impounds. Call or email me with your scenario.

Sincerely yours,

Andre Hemmersbach

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About Andre Hemmersbach

Andre Hemmersbach has been working in the mortgage banking business for over 20 year helping people successfully finance their real estate holdings. He can be reached at (310) 540-1330 #137.

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