Here’s an update from Narbik Karamian of BeneGroup, Inc. regarding our current Mortgage market:

Interest rates dropped slightly this afternoon after Ben Bernanke’s comments on no further economic stimulus after the expiration of QE2 (Fed’s bond buying program to artificially keep interest rates low) at the end of June, 2011.

The 30 year conforming loan (up to $417,000) hit at 4.375% while the 15 year was at 3.625%.

The 30 year jumbo conforming (between $417,001 and $729,750) hit at 4.5% while the 15 year was at 3.75%.

Super jumbo loans (above $729,750) were not that affected. The 30 year fix program for loans in this range is at 5.125% and 4.25% for a 15 year term. Super Jumbo loans have recently become so competitively priced.

Anything below 5% is considered historically low. Check out the attached graph for the mortgage rate history since 1992.

I have posted a very interesting article (essay) reviewing the U.S. Mortgage Market History since 1934 on my blog at http://www.narbik.com/MyBlog . I am sure you will find it interesting.

I look forward to answering any questions you or someone you know may have about loan scenarios.

Best Regards,

Narbik Karamian
DRE Lic: 01372576

BeneGroup, Inc.
A Premier Mortgage Brokerage and Real Estate Consulting Firm
Cell: (408) 315-2834
Fax: (408) 395-7561
http://www.narbik.com

 

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