August 12, 2011

Yes, I survived the triathlon. Actually, I placed 829 out of 1300, which makes me rather proud for my first race. The run was brutal and I only stopped to drink a quick water. Had I stopped, I knew I may not get going again. So I endured. Sounds like our week at the office- we have not stopped. Rates are at an all time low. Buyers are executing contracts, others are refinancing. We are racing against time, as who knows if/when rates will go up? So we don’t stop.

This week was definitely one of the most ‘wild’ we have ever seen. Here’s what happened, and has kept rates low:
• Last Friday the S&P downgraded the US credit rating to AA (from AAA)
• European banks were at risk of failing, especially France, and this sent a scare to the markets
• Investors were then comforted by the STRONG demand of 3 and 5 year treasury notes. High demand means we are financing our debt, usually through foreign investment.
• Tuesday the FED announced they anticipate low fed funds for two more years, and that the economic growth will be ‘considerably lower’. Remember, the interest rates like bad news.

And this was all before Wednesday!

Enjoy the weekend. School starts for some next week….another race about to begin! Ready, set, GO!!!!!!!!!!!!!!!!!!!!!!!!!!!

RATES as of August 12, 2011 (DOWN for the week)

The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets

Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.000% APR 4.136%
7/1 ARM 3.250% APR 3.256% 5/1 ARM 3.625% APR 3.510%
7/1 ARM 4.000% APR 3.731%
10/1 ARM 4.125% APR 3.822%

FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.470%


We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!


If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!

Jennifer Hernandez & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage

Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com