It's a great day to lock if you can. As expected the Fed announced quantitative easing (QE) will come to an end. By slowly weaning the Treasury market from Federal Reserve buying, Chairman Bernanke will be causing treasury rates to rise and satisfy US creditors. In the mean time, the story this morning is the huge sell-off in the global equity markets, and the outlook for a serious decline in the US stock market this morning. If you haven't noticed, what's bad for the market is good for rates and thus we have once again dipped below that Mendoza line of 5.0% for a conventional 30 year fixed. The moral of this story...it's time to lock! If you are considering refinancing, it is my opinion that this recent dip will be short-lived and while the Fed will continue use its substantial balance sheet to buy mortgages, having the effect of keeping mortgage rates low, I expect that 4.875 soon will be history.

Here are today's rates at Primestar...please call us for a 5 minute consultation and reference this blog 952-548-8840 or go to http://www.goprimestar.com/contact_us.html


15 year fixed
Rate 4.500%
APR 4.697%
Details

30 year fixed
Rate 4.875%
APR 4.991%
Details

5 yr ARM
Rate 4.25%
APR 3.939%
Details

FHA
Rate 5.000%
APR 5.110%
Details


VA 30 year fixed
Rate 5.125%
APR 5.276%
Details

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