It has been a relatively quiet week, at least until today when big news came from China showing a weak manufacturing report (PMI). If China's economy is weak, that means that the world is not ordering as many goods from China (so maybe the world economy is weaker than thought?) Of course a Chinese slowdown would have significant implications for global markets. This news sent US Stocks plunging and pushed investing dollars into the safe haven of the Bonds and improved interest rates. (see rate sheet below)
Housing Crisis is Quickly Becoming a Memory
The foreclosure crisis is showing signs that it's finally fading away. The number of new foreclosure filings -- which includes default notices, auctions and bank repossessions -- dropped 15% in November. The biggest monthly decline since November 2010 and foreclosure filings are now at the lowest level since December 2006. Filings are down 37% from one year ago.
($200,000 - $417,000) 0 POINTS
* 30 Year Fixed: 4.375% (4.45% APR)
* 5/1 ARM: 3.250% (3.32% APR)
CONFORMING (HIGH-BALANCE) RATES
($417,001 - $625,500 cap by county) 0 POINTS
* 30 Year Fixed: 4.500% (4.56% APR)
* 5/1 ARM: 3.250% (3.31% APR)
($625,501 - $2,000,000) 0 POINTS
* 30 Year Fixed: 4.375% (4.43% APR)
* 5/1 ARM: 3.125% (3.18% APR)
Rates are DOWN compared to last week.
Rates are DOWN compared to last month.
Rates are UP compared to one year ago
Information and Rates are courtesy of Gina Kemsley.