Steve Terlau of Cherry Creek Mortgage – Rate Update
Good afternoon!
The fact that the government got involved with Fannie Mae and Freddie Mac was not a surprise. The extent of their involvement certainly was. By now, you know that conventional mortgage loan rates dropped dramatically Monday as the markets responded to the government action. FHA and VA loans also improved but not nearly as much. From Monday, the rates edged up throughout the week and closed a little lower than last week.
Rates for the weekend:
FHAs and conforming conventionals are ranging from 5.875% to 6.750%. Jumbos are running from 7.250% to 8.000% .
Using CHFAs silent second to achieve 100% financing has rates running 6.875% for non-1st time home buyers and 6.250% for qualified 1st time homebuyers. These are the same as last week.
Thanks for the update Steve,
Shelli Dore
303-942-0648