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Below is a rate snapshot for reference the week of July 28, 2003. Thirty and fifteen-year fixed rates up to about the same level as January 2003 due to the continued bond sell off in the past month. Investors are moving back into stocks because of improving economic sentiment. The good news here is that consumers have more confidence in an improving economy, and purchase business should stay strong. The Mortgage Bankers Association purchase index last week was only four percent below its all-time record. Please let me know if you’ve got client scenarios you’d like to discuss, or if you need pre-approvals for your sellers or buyers.

Conforming ($50K – $322,700K) – NO POINTS
30 Year: 6.0% (6.14% APR)
15 Year: 5.25% (5.40% APR)
5/1 ARM: 4.625% (4.775% APR)

Jumbo ($322,701 – $650,000) – NO POINTS
30 Year: 6.25% (6.40% APR)
15 Year: 5.5% (5.64% APR)
5/1 ARM: 4.875% (5.025% APR)