According to Freddie Mac's Primary Mortgage Market Survey for the previous week, the market has rolled back a small portion of the large increases in mortgage rates that were recorded over the prior five weeks.
The 30-year fixed-rate mortgage which had increased from 6.15 percent to 6.74 percent between May 10 and June 14 retreated to 6.69 percent in the most recent week. Fees and points increased from 0.4 to 0.5 for the week.
The 15-year FRM decreased six basis points from its 2007 high of 6.43 percent the previous week to 6.37 percent. Fees and points increased from 0.4 to 0.5 for this product as well.
We have many new wholesale loan programs that include loans for borrowers with credit scores down to 620, sub-prime programs for borrowers with credit scores down to 580 and hard money programs with credit scores below 580.
The outlook is good for Buyers right now!!
Info provided by Cindy Bedsole, Mortgage Broker.