Interest rates, while a little higher than this spring, are still very low. If you have an ARM loan that adjusts in the next year, you need to start watching rates and pick a time to refinance it. The local purchase market continues to be a Buyer's market, but if a house is in good shape and priced right, it could sell quickly. We can help strengthen your offer by giving you a pre-qualification or pre-approval letter to submit with your offer. The 2nd mortgage rates have been stable for a year now and will probably continue to remain fairly stable. Call us with your questions or needs and we will help you make a decision that works best for your situation.
1st Mortgages: (as of 7/19/07)
30 year = 6.375%
15 year = 6.0%
5/1 ARM = 5.875%
30-yr JUMBO = 6.625%
Non-income qualifying 30 year = 6.5%
Interest only 5-year ARM = 6.125%
(Rates are subject to change!)
(These are good for purchase or refinance. Call for quotes on other loan programs.)
* We have interest only loans at 3, 5, 7 and 10 years.
* No money down purchase programs.
* Non-income qualifying loans.
* No origination fee/no costs loans available.
* Loans for people with less than perfect credit, as well as homes in foreclosure.
2nd Mortgages (also known as home equity loans):
Lines-of-credit at the prime rate (8.25% now) (loans>$60,000 up to 90% of value)(Interest only payments, 10-year draw period, very low costs)
Fixed rates starting at 7.60% up to 80% of value, 7.75% up to 90% of value * Lower rates are offered depending on credit score and percentage of home value borrowed. *
Can be used for refinance, debt consolidation, or home improvement - Loans up to 100% of the value of your house
Market News
There had been speculation earlier this year that the FED might lower bank rates at some point. That speculation is what had kept the mortgage rates down. The main concerns for the FED are still inflation and the housing market. Now the FED chairman's statements and stronger economic news have led investors to think that the FED will not be dropping rates at anytime soon. This is what caused the mortgage rates to increase in May and June. If it appears that we are coming out of the national housing slump, rates may start creeping up again. Pay attention to the weekly and monthly economic news for indications as to which way rates will move. Also, in other mortgage news, the State of Colorado passed several new laws, including having all mortgage brokers licensed by the end of the year. This is long overdue! One of the laws, however, was so vaguely written that it has caused some lenders to discontinue loan programs in Colorado that they still offer in other States. Call us with your loan scenario and questions and we will help you find the loan program that best fits your needs.
Please follow the rates on our website at www.ridgelinemortgage.com. We update the rates by approximately 11:00 a.m. each day. We'll do our best to keep you informed on the interest rate outlook. In the meantime, we look forward to working with you and always appreciate your referrals.
