Hello Everyone, I’ve been slacking a little bit on my blog posts as of late due to being busy between work and school. Over the past several weeks we have seen rates go up and now come back down as the DOW has continued to be on the unstable side (good for mortgage rates). Also, as events unfold in the Middle East with Iran and assuming gas prices continue to increase, the 10 year bond should stay low and as a consequence we should see mortgage rates staying pretty low as well unless the DOW recovers.
Last week we saw HUD increase MI for FHA loans which hurt a little(actually a lot); however, NAMB (National Association of Mortgage Brokers) was able to put a halt to other changes in regards to tightening of some FHA guidelines, I believe until August.
Listed below are the FHA average rates from this past week (note that rates posted may contain discount points. The FHA product line which does contain MI)
| Product | Rate | Change | Last Week |
| 30 Yr Fixed | 3.9% | Down From | 4.01% |
| 15 Yr Fixed | 3.12% | Down From | 3.23% |
| 5/1 ARM | 2.75% | Down From | 2.87% |
Samuel Morales
Residential and Commercial Loan Officer
Office: (210) 257-0642
Mobile: (210) 286-7267
Fax: (210) 257-0510
NMLS: 295626
