Written By — Chad Emerson
Non-farms (numbers) are out and those panicky investors on Wall Street started selling off their stocks and dumping their gains into relatively safe mortgage backed securities. As I write this, the Dow is down 123 and the Naz down 28.
So it looks like we will have some continued improvement as far as mortgage rates are determined. Many forecasters had estimated that the non-farms would have little effect on mortgage rates, however, if we had payroll loss of 80,000 or more and unemployment rose from 9.5 to 9.7, we could see fractionally lower interest rates. Well, we received half of the recipe with non-farms payroll loss of 131,000, and unemployment remained steady at 9.5. The non-farms loss of 131,000 was more than enough to send investors into an early morning sell off of stocks. It appears as if we’re still not out of the woods as far as economists are concerned, but that is still no surprise to anybody.
Still a great time to invest with the historically low interest rates. Today’s rates are currently at:
5-5.25% on Single-family 20% down
Same for duplex — 25% down
Some of you are looking to refinance your own personal mortgages, and those rate are currently at:
4.25% on 30 year
3.75% on 15 year
If you have any questions, please don’t hastate to email or give me a call.
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About Chad Emerson
Chad, it is not clear to me in your post whether those are all Owner Occupied rates or investor rates, can you confirm?
thanks
Jeffrey Gordon
The first set of rates are for investors, the second for owner-occupied. Good point though, so we’ll make sure it’s crystal clear next week. Thanks
Thanks for the clarification Jeff!
man those rates are incredible,
folks really should be thinking of locking in there capital into real estate in the coming 6 months, the buy of a lifetime in my mind!
Jeffrey Gordon