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Today's Rates
30 Yr Fixed Conforming – 5.750%
15 Yr Fixed Conforming – 5.500%
30 Yr Fixed FHA/VA –
6.000%
5/1 Conforming
ARM
–
5.750%
Jumbo – CM Series
30 Yr Fixed –
6.375%
5 Yr LIBOR
ARM
–
5.625%
30 Yr Fixed My Community Solutions –
6.375%
Quote of the Week
"When you reach the end of your rope, tie a knot in it and hang on."
-- Thomas Jefferson
This information is not intended to constitute an advertisement for purposes of the Truth-In-Lending Act or Regulation Z. It is intended solely for use by Licensed Real Estate Professionals. The interest rates shown are accurate as of the date of this publication, but are subject to change without notice.
Residential Mortgage Licensee FL/NC/GA #15622
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Economic Update
U.S.
Economy
Economists warned that Hurricane Katrina is likely to leave a deeper mark on the national economy than previous hurricanes because of its profound disruption to the
Gulf of Mexico
's complex energy supply network. "The typical pattern with a natural disaster like this is that the regional economy gets clobbered but you can barely see it in the national statistics," said Nariman Behravesh, chief economist at Global Insight in
Lexington
,
Mass.
"This time it is very different because of the impact on the energy infrastructure." Economic activity is expected to resume in the next few days and weeks in all but the worst-hit locations. But what worries most economists is Katrina's ripple effect on energy prices. A spike in the price of gasoline just ahead of Labor Day will force consumers to dig deeper into their wallets on one of the busiest driving weekends of the year, providing both a real and psychological blow to spending on other goods and services. And a sustained rise in the cost of energy could substantially slow economic growth. According to Mr. Behravesh at Global Insight, in a best case outlook, with oil and natural gas supplies falling by 2 percent or less, oil prices are likely to stay at $65 to $70 a barrel for the next couple of weeks while gasoline prices climb to $3 a gallon for a couple of months. He estimated that course of events would shave no more than half a percentage point from output growth in the fourth quarter. But Mr. Behravesh noted that if the disruption of supplies is deeper, oil prices could spike to $100 a barrel and gas at the pump could soar to $3.50 a gallon for four months to six months. That kind of price shock could sharply curtail consumer spending elsewhere, possibly bringing economic growth for the October-December quarter to a halt from the 3 percent gains most analysts have been expecting.
Real Estate Watch
The Mortgage Bankers Association (MBA) released a detailed study of the housing and mortgage markets examining issues such as the potential for a house price "bubble" and the growing use of non-traditional mortgage products. The purpose of this study is to put the flood of commentaries and analyses regarding housing markets and new mortgage products into proper perspective by assessing a broad array of market data, reviewing the risks, and reaching some conclusions. The study discusses the current state of the housing markets, the growth of innovative mortgage products, and the impact of developments in the housing and mortgage markets on households, financial institutions, the financial markets, and the economy more broadly. The study concludes that much of the recent increase in house prices and much of the differentials in appreciation rates across the country can be explained by positive economic fundamentals including low mortgage rates at the national level and strong employment growth rates at the local level. In addition, the study reports that mortgage lenders have provided a wealth of new products to meet the affordability requirements, cash flow needs, and risk tolerances of a range of borrowers that has enabled many consumers to become homeowners.
Sources: New York Times, Mortgage Bankers Association
Product Highlight
Interest First Program
Get the low payment of Interest Only with the security of a 30-year Fixed Rate.
- Rate is fixed for 30 years
- Low interest only payment required for first 10 years
- Pay down the loan faster – with the recast feature, pay extra on the principal during the interest only period and the required payment will decrease the next month
- No prepayment penalty
- Up to 95% loan-to-value
- Up to $359, 650 loan amount
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