Interest Rate Update and Market Report
November 22, 2008
Interest Rates as of November 21, 2008
30 Yr 5.5%
15 Yr 5.375
ARMS
3 Yr 4.90%
5 Yr 5.20
7 Yr 5.70
JUMBO
30 Yr 6.40%
15 Yr 6.15
3 Yr ARM 5.30%
5 Yr ARM 5.5
FHA/VA
30 Yr 5.5%
15 Yr 5.375
3 Yr ARM 5.875
5 Yr ARM 6.0
Mike Delzer’s Report of the Mortgage Market:
The stock market has experienced a wild day. Stocks rallied hard during the last hour of trading, including a 530 point swing higher in the Dow, following several news reports that President-elect Barack Obama will appoint present New York Fed President Timothy Geithner as his Treasury secretary. This removed a degree of uncertainty for the stock market over who the new Treasury Secretary would be and helped divert focus from the implosion that has been taking place in financial services giant Citigroup.
Fed Reserve member Jeffrey “The Dissenter” Lacker spoke this morning and said the economy could begin a recovery in 2009 as low interest rates, low energy prices, and less drag from the housing sector may shore up spending. He also noted “Many analysts expect the US economy to regain positive momentum sometime in 2009. That strikes me as a reasonable expectation.” This is somewhat comforting news amidst all the negativity we are seeing in economic reports as well as from the media.
Source:
Michael Delzer
First Class Financial Services
(720) 904-9048, www.fcfsdenver.com
Home Mortgages with Honesty, Integrity, Service & Trust
Jen’s Thoughts:
Holy Cow! 5.5% interest rate? If you are thinking of buying, now is the time!
Entry Filed under: real estate. Tags: Citigroup, Dow, First Class Financial Services, interest rates, Jeffrey Lacker, Mike Delzer, Obama, real estate, Timothy Geithner, US economy, US economy recovery.
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1. Stacey Derbinshire | November 22, 2008 at 9:00 pm
Thanks for posting the article, was certainly a great read!
2. 2n-Jenn | November 24, 2008 at 5:33 pm
Hey Jen – what are your thoughts on refinancing with these rates? Just say for instance, hypothetically, of course, that someone bought a townhouse last year with a 5-yr ARM at 5.8%. With the market the way it is, would it make sense to refinance at 5.5% on a fixed 30-yr loan so that if selling conditions are unfavorable in 4 yrs she could keep it longer at a nice, low rate?
3. Jennifer | November 24, 2008 at 6:28 pm
If you think there is a chance that you might own your house for more than four years, I think this is a great time to refinance. You never know what interest rates will be like then. Right now they are artificially low because of the economy bottoming out. I just spoke with Eric Peltier in Boulder and you may want to call him at 303.579.6386 to discuss your options. Today his rates are 5.7% with no points. If you want to pay points upfront then the interest rate would be lower. I gave him your name so he’s in the loop if you decide to call.