Just a quick weekly update from your Mortgage Partners:
Rates
30 year fixed 5.125%
15 year fixed 4.50%
7/1 ARM 4.25%
5/1 ARM 3.75%
FHA 5.125%
Jumbo Fixed 5.85%
Jumbo 5/1 ARM 4.15%
Market News
Stocks are trading higher this morning based on last Friday’s positive Jobs Report, which was released when the market was closed for the Easter holiday. The boost in Stocks is applying selling pressure to Mortgage Bonds.
In today’s news, Pending Home Sales saw an 8.2% jump during February, which is a good sign for the housing market.
With Mortgage Bonds already under selling pressure and with another Treasury auction due this afternoon, I recommend locking loans at this time.
