Andover, MA Real Estate
Rates are running between 5.125% and 5.625% on a thirty year fixed (whether or not points are paid).
Keep in mind this assumes a qualifying FICO. I have summarized a market update for you below.
MARKET UPDATE: This morning the Housing Starts and Building Permits reports both returned data better than anticipated, adding fuel to the belief the housing market is on the rebound. With the continuous signs of an economy recovering will rates ever return to levels from early May of the 4.75% range? Not likely, in fact with next week’s looming treasury auctions the past few days improvements might be short lived. More investors are likely to turn their attention to the commodities and stock markets, and a bond market that already has too much supply will have to raise its rates to attract buyers. This morning mortgage rates are rroughly unchanged from yesterday.
FHA will now be requiring two appraisals under the following scenarios:
-loan amounts greater than $417,000 AND loan to value equals or exceeds 95%
-any cash out refi where the loan amount is greater than $417,000.
Mark Gracy (978) 861-4016
mark@gracyteam.com
www.GracyTeam.com
Your real estate experts on the North Shore, Merrimack Valley MA and Southern NH
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