Sunday, November 6, 2011

Mortgage Update-30 fixed still at or below 4%

Your First Home - For your free
copy, Contact Piperpartners
 at 734-604-8242
The week of November 5th saw more market volatility!

The zero point 30 year fixed conventional rate bounced between 3.875% and 4%, spending most of the week at 4%., while the FHA/VA 30 year rate hovered at 3.875%. The gap between 30 and 15 year rates broadened as the 15 year rate fell to 3.25%.
Adjustable Rate Mortgages are making a come back. They are perfect for borrowers who plan to sell during the first 10, 7 or 5 years. This is a snapshot:
  • • 10/1 ARM reached 3.375%
  • • 7/1 ARM reached 2.875%
  • • 5/1 ARM reached 2.75%
Due to market fluxuations, we continue to recommend that borrowers lock or cautiously float!

There has been a marked increase in VA home loan requests in the past month as more young women and men are returning from duty to resume their careers. Citi is proud to be among the Wall Street firms which promote the hiring of returning veterans!
Mary Adams
Real Estate Relationship Manager
Citibank, N.A.

Mary Adams with Citibank is a preferred lender for the Piperpartners Ann Arbor real estate team.


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