Weekly Rates + Market Update

Valley Real Estate Analyst suggest housing has hit bottom

Mortgage bond prices fell last week applying upward pressure on mortgage interest rates. The bond market got a shock from a surprise increase in new home sales, stronger than expected durable goods orders, and some stock strength. There were also concerns about the US dollar in general and dollar denominated securities as China expressed interest in substituting the yuan to dollar peg in exchange for a new international currency. Fortunately the Fed continued to come to the rescue buying mortgage backed securities in an effort to keep interest rates relatively steady and low. For the week, interest rates on government and conventional loans rose by about 1/8 to 1/4 of a discount point. The employment report Friday will be the most important economic release this week.

Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.
The average 30-year fixed mortgage rate fell to 5.19% this week, down from 5.29% in the week prior, according to Bankrate.com's weekly national survey.

For pre-qualifications or 2nd opinions on loan scenarios over the weekend, please call my mobile at 480-225-2987.

Rates for March 20th, 2009. Rates Change Daily. Call for current pricing. #0902429
PROGRAM
30 Year Fixed Conventional 4.75%, 4.883% APR
30 Year Fixed Interest Only 5.875%, 6.008% APR
15 Year Fixed Conventional 4.375%, 4.488% APR
3/1 LIBOR ARM Conventional 4.375%, 4.437% APR
5/1 LIBOR ARM Conventional 4.125%, 4.238% APR
5/1 LIBOR ARM Interest Only 4.25%, 4.363% APR
30 Year FHA/VA 5.00%, 5.252% APR
*30 Day Locks

JUMBO $417,001+
30 Year Fixed (to $600K) 5.75%, 5.851% APR
15 Year Fixed (to $600K) 5.625%, 5.726% APR
5/1 Treasury ARM 475%, 4.851% APR
7/1 Treasury ARM 5.00%, 5.101% APR
*30 Day Locks

ONE-TIME CONSTRUCTION
Conforming & Jumbo (to $8,000,000)
3/1 LIBOR ARM (Conforming) 5.50%, 5.882% APR
5/1 LIBOR ARM (Jumbo) 6.125% 6.507% APR
*60 Day Locks

6,9,12 and 24 month construction phases available. Construction phase interest only rate = PRIME (5%) + up to 1.25%. Perm. rates guaranteed through construction.
Prior to modification, a free one-time float down is available. (30 Year Amortization)

For Realtor purposes only; not for distribution to potential borrowers. Rates are calculated based on no discount points and one origination fee. Conforming rates based on loan amounts greater than $200,000, minimum FICO score 720.