Happy Monday!  This summer is flying by! It’s already August 1st!  I am pleased to report that real estate here in Massachusetts, specifically the MetroWest region, has not slowed down yet! Normally, we see a little slow down during the summer, but this year we are continuing to stay steady!

In response to quite a few inquiries regarding the state of mortgage rates, I’ve asked Rick Scherer of MSA Mortgage to write a quick update.  Here it is! If you have any questions or would like a preapproval, feel free to reach him directly at rscherer@msamortgage.com or at 617.778.0024

Mortgage Market News 8/1/11

Over the weekend party leaders came to an agreement on extending the debt ceiling to avoid the United States government going into default and avoid a debt crisis.  Next, the bill has to clear the senate and head over to President Obama’s desk for signatures.  Stocks had their worst week in a year last week as the debt problem stalled. This morning they opened up strong on the news, but quickly went negative.  The Bond market today has opened up on the positive side, which is a great sign for mortgage interest rates.

Today the average 30 year fixed rate is 4.375% and 15 year fixed is 3.625% based on 740 credit score and 75% loan to value.  5/1 Arm rates have dropped down to 3% based on the same factors.

Today I am advising my clients to float but ready to pull the trigger if stocks head higher.

~Rick Scherer