Mortgage Rates Heading Towards All Time Lows

By
Real Estate Mortgage Broker with West Town Savings Bank

For those of you anywhere near New Jersey there a huge roller coaster that goes from o to 128 MPH is 3.1 seconds and shoots straight up 40 stories then straight down 40 stories, well to me that's what the markets have been doing. After the announcement yesterday that the government will be keeping short term interest artificially low for the next 2 years the bond markets rallied to the point that the 10 year Treasury hit 2.02% yield at one point but finished at 2.26% yield. This morning every indicator shows that this will continue and that the MBS  (Mortgage Backed Securities) have already open up driving the interest even lower.

Yesterday I was quoting a 30 year fixed conforming loan on a 75% LTV purchase at 4.25%. The lowest I have closed a 30 year fixed in the last 2 years was at 4% and I think we are heading there again.

 

Please let me know if I can be of any help to you or your client's. All the best Jon jstarr@westtownsb.com

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Topic:
ActiveRain Community
Location:
Connecticut
Groups:
All About Fairfield County, Connecticut.
Bergen County, New Jersey
Connecticut Professionals
Westchester County
Westchester Real Estate Network (WREN)
Tags:
mbs
mbs market
mortgage
mortgage rates
mortgages
rates
refinance
loans
home loans

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Rainer
209,644
Doug Dawes
Your Personal Realtor
Coldwell Banker Residential Brokerage

Good news yesterday when the Fed indicated they would keep rates low into 2013. Now to convince buyers that this is a tremendous opportunity season to purchase Real Estate

August 10, 2011 08:47 AM
Rainer
30,868
Jon Starr
West Town Savings Bank

Doug I agree we have to have more confidence by consumers. The housing market will be the only thing to leed us out of this downturn we are in

August 10, 2011 08:53 AM
Anonymous
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Rainer
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Jon Starr

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