Interest rates dropped once again this week, so that is terrific news. The main reason was the unfortunate unemployment numbers.
The Labor Department reported today that there were 20,000 jobs lost in January, which was worse than expectations.
These rates are typical for the PURCHASE borrower with excellent credit and a sizable down payment, exclusive of FHA for the down payment. Take a look at FHA 5/1 ARM rates below, as those rates are at 3.5% for all loans up to $729,750-this is amazing! This can be a very attractive alternative for FHA buyers.
Conventional Loans:
30 Year Fixed Conforming---$417,000 and Below: 4.75% with 1 Point
30 Year Fixed High Balance Conforming---$417,001 to $729,750: 4.875% with 1 Point
30 Year Fixed Jumbo---$729,751 to $1,000,000: 5.75% with 1 Point
5/1 ARM Jumbo---5.0% with 1 Point-amazing for Jumbo product
FHA Loans:
FHA 30 Year Fixed---$417,000 and Below: 4.875% with 1 Point
FHA 5/1 ARM---$417,000 and Below: 3.5% with 1 Point
FHA 30 Year Fixed High Balance---$417,001 to $729,750: 5.0% with 1 Point
FHA 5/1 ARM High Balance---$417,001 to $729,750: 3.5% with 1 Point
Low rates for sure, but I am amazed that the limits remain so high since the markets have come down. 730k for a first time buyer is ridiculous.
Dale,
Not in Los Angeles with our price points.
Fairly often, it's par for the course.
I might take a bit higher rate in favor of lower unemployment.