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The Mortgage Rate was up May 21st & May 22nd
May 22nd, 2009 10:09 AM

The early morning of May 22nd, For 417k loans, we had
5.375% for 15 yr fixed rate and 4.75% for 30 yr fixed
rate with 30 day lock and no closing cost.

The rate went up after 9AM. And the promotion of 3.75%
for 5/1ARM and 4.125% for 7/1ARM is not available now.
I will post the rate later when the rate is around this
range.

The reason for yesterday's rate hike is mortgage bond
buyers  are covering their open short positions ahead
of the long weekend and the lenders locked in their
pipeline to protect the profits.

I expect the rate will come back to low level in the
next a few weeks.

Here is a snapshot of today's rate(for the future referenec and comparison):

Conforming(<=417k)                High Balance(>417k&<=729k)
30Yr. Fixed    5.250%              30Yr. Fixed 5.625%
15Yr. Fixed    4.750%              15Yr. Fixed 5.125% 


Posted in:General
Posted by Eric Fang on May 22nd, 2009 10:09 AMPost a Comment

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