The theme of volatility is ongoing. Loan pricing has moved in the opposite direction from the previous day for 6 sessions in a row now. The increases seen yesterday in home loan borrowing costs were erased the next day, leaving things slightly worse than average vs the last 2 weeks, but about middle of the road when comparing to the last month.
The only bet that has a decent probability of success in this environment is that no bets are clearly better than any others. This should continue to be the case until at least some semblance of resolution makes its way to the debt-ceiling debate. This makes for plenty of volatility in the meantime.
Rather than change rate sheets with each rapid movement in the secondary market, it's not only easier on all parties involved, but downright necessary for lenders to be extra conservative with rate sheet offerings.
The Federal Reserve plans to provide guidance to banks soon on how to handle the potentially turbulent financial waters if the United States exhausts its borrowing authority August 1. "We have been engaged in operational planning with the Treasury," Fed spokeswoman Barbara Hagenbaugh said on Thursday. "We expect to be able to give additional guidance to financial institutions when there is greater clarity from the Congress and when Treasury outlines its specific operational plans."
30 year fixed - 4.375% + .0 points for rate
20 year fixed - 4.00% + 0 points for rate
15 year fixed - 3.50% + 0 points for rate
10 year fixed - 3.250% + .705% lender credit points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.125% + 0 points for rate
FHA/VA
30 year fixed - 4.250% + .500 points lender credit for rate
5/1 ARM - 2.875 + 0 points for rate
7/1 ARM - 3.250 + 0 point for rate
Jumbo - over 729,000
30 year fixed - 4.99 % with 0 points for rate
15 year fixed - 4.50% + 0 points for rate
5/1 ARM - 3.375 % + 0 points for rate
7/1 ARM - 4.00% + 0 points for rate
10/1 ARM - 4.50% with + 0 points for rate
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