Well
my baby, 7 year old Diego, just lost his 2nd tooth within a week. He got them
all at once when he was 12 months, and now he will lose them all at once! What
a thrill. He is just excited to be able to put a straw between his teeth in the
gaping hole that is there.
Excitement
too in the RATES arena: Mortgage rates
are ending the week a bit HIGHER due to an improving outlook for global
economic growth caused investors to shift assets from bonds to stocks, reducing
demand for long-term fixed-rate assets including mortgage-backed securities
(MBS).
The
global economic data released this week was encouraging. Important
manufacturing reports in Europe and China exceeded expectations. In the US,
Jobless Claims surprised investors for the second straight week. There is also
a growing sense that the worst of the debt troubles for the European Union have
passed. Stock markets around the world are hitting multi-year highs.
The
Housing data released this week reflected solid year over year improvement.
December Existing Home Sales were 13% higher than one year ago, to the highest
level since 2007. Even though the total inventory of existing homes available
for sale fell to the lowest level in years, the National Association of
Realtors forecasts that Existing Home Sales will increase another 9% in 2013.
December New Home Sales were nearly 20% higher than one year ago.
Next
week will be packed with major economic news. The biggest story will be
Wednesday's Fed meeting, as investors watch for hints about the duration of the
Fed's bond-buying program. The biggest economic report next week will be the
important Employment data on Friday. As usual, this data on the number of jobs,
the Unemployment Rate, and wage inflation will be the most highly anticipated
economic data of the month. Before the employment data, Durable Orders and
Pending Home Sales will be released on Monday. Fourth quarter GDP will come out
on Wednesday. Personal Income, Core PCE inflation, and Chicago PMI will be
released on Thursday. ISM Manufacturing and Construction Spending are scheduled
for Friday. In addition, there will be Treasury auctions on Monday, Tuesday,
and Wednesday.
Enjoy
the weekend!
RATES
as of January 25th, 2013 (Up 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) 2.625%
APR 2.668%
|
15
year ( fixed )
3.250% APR 3.284%
|
15
year (fixed) 2.750%
APR 2.830%
|
30
year ( fixed ) 4.000%
APR 4.019%
|
30
year (fixed) 3.500%
APR 3.545%
7/1
ARM
2.750% APR
5.333%
|
5/1
ARM
2.375%
APR 5.494%
7/1
ARM
2.750%
APR 5.122%
|
5/1
ARM
2.625% APR 5.753%
|
10/1
ARM
3.375%
APR 5.696%
|
FHA/VA
call for quote (max loan $270,000)
|
|
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, Heath,
Sandra, Norma, Jason, Stella, Nancy and Jimmy
Patriot Bank
Mortgage
NMLS# 514497
Office: 713-337-8400
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