Fed leaves rates unchanged - why did rates worsen?; Football contest; Current Rates
October 30, 2015
Is anyone paying attention to rates? Did you notice that after the Fed Announcement on Wednesday rates that were “0” points prior to the Fed Announcement jumped up to the next 1/8 or were costing 1/2 a point? Huh?... the Fed says no rate hike in October and rates get a little worse. Why? Because bond traders fearing an imminent hike perhaps at Fed meeting in December sell off on their commodity causing rates to go up. Mortgage rates are tied to the bond market and rates move PROACTIVELY to what MAY happen in the future. Buyers should protect (“lock”) rates as soon as they have a contract and a closing date. Here is why – rates move up much more quickly than when they fall. If a buyer doesn’t lock a rate when possible and rates eventually go up I cannot help them. Conversely if a buyer “locks” a rate with me and rates fall 1/4 or more I can ask Wells Fargo to better your clients rate for free. Let me help your client through the mortgage process and I can assure you - the experience your client has will not be a bad one.
If you have a buyer using Wells Fargo but not going with a local rep, please do point them in my direction I will be happy to assist. ~Football contest WINNERS for Princeton Region Week Six and Seven respectively was Gough Thompson of Gloria Nilson and Karen Van Diver of Keller Williams in Princeton. Weekly winners go into drawings to win prizes below. ~Our Football Contest is BACK with some great prizes! Win Ipads, GOPros, TV’s (full disclosure these are national prizes) and other local prizes! All you have to do is pick the winning team “straight up” meaning there is no “point spread” to factor into your picks. REMEMBER THIS BRANCH ID!!! 9EMXHD please go to https://pickpros.wf.com/login and use the branch ID 9EMXHD to identify my branch. Pick your teams by Saturday PM and cross your fingers!!! It is online, takes but a minute or two to play, and I will be giving away prizes. I hope to see a lot of you online and picking the winning teams!That’s all for now. Rates are below w APR’s: Conforming and FHA Loans 30-Year Fixed Rate3.875%3.926%30-Year Fixed-Rate FHA3.750%4.727%15-Year Fixed Rate3.125%3.213%7/1 ARM3.375%3.313%5/1 ARM FHA3.625%3.751%Larger Loan Amounts in Eligible Areas – Conforming and FHA. 30-Year Fixed Rate4.125%4.145%30-Year Fixed-Rate FHA3.750%4.772%7/1 ARM3.750%3.436%Jumbo Loans– Amounts that exceed conforming loan limits 30-Year Fixed-Rate Jumbo3.500%3.536%7/1 ARM Jumbo2.750%2.998%as of 10/30/2015 10:15 AM Eastern Standard TimeSelect a product to view important disclosures, payments, assumptions, and APR information. AARON HEIMOWITZ
Mortgage ConsultantPresidents Club Member 2001-2014NMLSR ID 404370
Aaron.Heimowitz@wellsfargo.com
Wells Fargo Home Mortgage | 950 Route 33 | Hamilton, NJ 08690
MAC M6114-011
Tel (609) 631-2950 | Cell 609-577-3334 | Fax 866-841-2918 Princeton Office:600 Alexander Road | Princeton, NJ 08540 Customer Service is a Philosophy, not a Department Apply for your mortgage ONLINE:https://www.wfhm.com/loans/aaron-heimowitz/index.page