Weekly Update to Rates
This week has seen rates up early in the week and back down over the last couple of days ending up right about where they were a week ago.
Rates for the weekend:
FHAs and conforming conventionals are ranging from 6.500% to 6.875%. Jumbos are running from 7.875% to 8.625% . 3/1 Jumbo ARMS are starting around 6.250%
Using CHFAs silent second to achieve 100% financing has rates running 7.250% for non-1st time home buyers and 6.625% for qualified 1st time homebuyers. These are up .125% from last week.
Remember, if you have you are buying a home and need to use a seller funded down payment assistance program, you need to do so before October 1st as the new legislation is eliminating the use of those programs. FHA minimum down-payment will be 3.5%.
Steve Terlau, Cherry Creek Mortgage is my lender partner; feel free to call him with any questions 303.452.4698.
Shelli Dore
303-942-0648