October 14, 2011

There is just something wrong with Christmas decorations out on October 14! Town & Country and Highland Village both are way ahead of the game. I sure miss the days of Thanksgiving signaling the start of the holiday season. Probably a lot like borrowers miss the days of streamlined documentation. Yes those days are gone.

In the markets this week, RATES INCREASED almost 1/2% for the fixed rate products. When rates go up, markets move quickly!

Why did this happen?
• Investors grew more optimistic about US economic growth and less concerned about Europe this week. This helped the stock market rally. Investors moved their money from bonds to stocks, which increase the rates.
• September Retail Sales increased 1.1% from August, which was above the consensus forecast of 0.6%, signaling a stronger economy.
• In addition, the FOMC Minutes from the September 21 Fed meeting revealed that Fed officials expect the economy to avoid recession. Stronger growth is good for the economy, but it increases inflationary pressures, which is negative for mortgage rates.

It’s still a GREAT time to buy a house! Who can complain about a rate in the 4's?

Enjoy this beautiful weekend!


RATES as of October 14, 2011 (UNCHANGED 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 ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.330% 5/1 ARM 3.125% APR 3.421%
7/1 ARM 3.500% APR 3.565%
10/1 ARM 4.125% APR 3.875%

FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.217%


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

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Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.