So What did the Rates do THIS Week?
Good afternoon!
This would be considered a wild week in the markets if we weren’t comparing it to last week. The volatility has calmed somewhat since last Friday. For the week mortgage rates in general were slightly lower with CHFA being the notable exception.
Rates for the weekend:
FHAs and conforming conventionals are ranging from 6.375% to 7.000%. Jumbo 5/1 ARMs are available starting at 7.875%.
Using CHFAs silent second to achieve 100% financing has rates running 8.250% for non-1st time home buyers and 7.625% for qualified 1st time homebuyers. These are up 1/4% from last week. CHFA is caught right in the middle of the credit crisis and is not a viable option at this time.
Utilizing CHAC to provide down payment assistance in conjunction with an FHA loan is a better option for those who are eligible.
Steve Terlau, Cherry Creek Mortgage
303-452-4698
Your friend in real estate,
Shelli Dore
303-942-0648
...Remember! The next time you are in a conversation with someone who is thinking about a move - IN ANY CITY OR STATE IN THE US OR CANADA - call me first! I can help make sure your friends, family members and work associates are very well taken care of.