Dennis' Mortgage Blog

Experience counts, with over twenty years in the mortgage industry you can count on me!

Short report this week as I have to go play golf this morning, I know but someone has to do it—it is golf with a purpose however as Community Hospital Foundation is hosting their 26^th Annual Tournament.  For those in the Long Beach/SoCal area check out the Community Hospital of Long Beach website (www.chlb.org )  CHLB provides quality health care to the community and the emergency room is top rate with typically not much wait!  (Disclaimer:  I have served on the CHLB board for six years)

This week we once again experienced the wild swings in pricing as the economic news pulled the markets around.  We continue to see some positive news for the economy which puts upward pressure on rates.  The best barometer for daily rate activity is the stock markets—when they are up big in a given day so are mortgage rates, when stocks fall so do interest rates. 

As I write this in the wee hours of the morning rates are not out for the day yet, but based on the opening bond prices and yesterday’s closing prices the rates below are very close to what we will have when rate sheets come out later this morning.  As always every potential borrower should call as every situation is different affecting the rate they may receive.

NOTE PRICING BELOW IS BASED ON 20% DOWN FOR JUMBO LOANS AND 10% DOWN FOR CONFORMING, 3% FOR FHA, FULL DOC, AND FICOS OF 720 AND ABOVE (change from last Friday):

30 year conventional at 1 point 6.00%   No Change

30 year conforming-jumbo at 1 point 6.125% No Change

30 year FHA at 1 point 6.00% No Change

30 year jumbo at 1 point 7.25% No Change

Today is June 6^th; it is the sixty-four years ago this morning that the Allied Forces landed on the beaches of Normandy and began the final push to liberate Europe from fascism and oppression.  Ultimately hundreds of thousands of Americans died to ensure the freedom of the people of Europe and other parts of the world, solidifying our place in history as the defenders of liberty. 

Please feel free to forward this email to your co-workers and clients--or send them to my Mortgage Blog where it is posted weekly.

I am available throughout the weekend to assist with scenarios, pre-qualifications and pre-approvals and other questions.

Have a great week,

Dennis

Dennis C. Smith
Stratis Financial
Direct (562) 472-1118

Mobile (562) 243-6912

Fax (562) 684-4316
 

www.DennisCSmith.com : apply on-line, check rates, check loan status and much more