Santa Fe Mortgage News: A LOT OF GLOBAL TURMOIL = LOW RATES, see note at bottom

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Monday, April 26, 2010

A LOT OF GLOBAL TURMOIL = LOW RATES, see note at bottom

So, today being Tuesday, here's what's new in the mortgage world. For the past few weeks, mortgage rates have pretty much been governed by movement in the stock market. When stocks go up, interest rates go up (stocks up, bonds down, bond price down means the bond yield increases causing rates to go up as well). Put simply, people move their investments from bonds to stocks with commensurate rate increases.

Thus, recently rates have been around 5% for a 30 and 4.375% for a 15.

It seems that the constant discontent with the appraisal AMC's (appraisal management companies) has caused some good effect in that they seem to be trying to use more local appraisers rather than"out of towners" who don't know our market.

Great jumbo rates are starting to reappear as the banks get back into the jumbo market. I'm seeing rates in the high 5's for a 30 with jumbo ARMS much lower.

What a time to buy!

EXTRA, EXTRA, this just in, Greek/Goldman Sachs situation has made the stock market tumble. Interest rates have come down nicely due to this, now UNDER 5% !