News From 1st Rate Mortgage Services LLC

Since last month we have seen the 30-year fixed rate market drop 0.125%. In my long career, I've never seen rates this low. As reported by several news outlets, we are at all-time lows once again. 10 months ago, the low 30-year rate was 3.875%. The rate market continues to break records with this unprecedented decline. To see the monthly trend, go to our web center (www.1stRateMtg.com) and click on our Newsletter Archives. There you will see our past newsletters with the current rates at that time.

Current Mortgage Rates

Payment Calcuator

Term | Rate | Orig Fee | Disc Fee | APR

30-Yr Fixed | 3.375% | 0.000% | 0.000% | 3.439%

20-Yr Fixed | 3.250% | 0.500% | 0.000% | 3.396%

15-Yr Fixed | 2.750% | 0.000% | 0.000% | 2.864%

10-Yr Fixed | 2.750% | 0.000% | 0.000% | 2.917%

5/1 ARM | 2.375% | 0.250% | 0.000% | 2.466%

30-Yr Jumbo| 4.250% | 0.000% | 0.000% | 4.274%

*Posted rates and APR's are based on primary residence, Purchase or Rate and Term Refinance loan amount of $165K, 80% LTV, mid credit score of 740 or higher, full income and asset verification. Rates and origination fees as of 06-15-2012 at 11:00 AM and are subject to market fluctuations. Jumbo rates are based on the above qualifications with an LTV of 75% and a loan amount $500K.

Featured Product of the Month

Investment Property Refinance w/HARP 2, up to 105%LTV / 110% CLTV:

This product gives us the ability to offer our clients the ability to refinance their investment properties that have less than 20% equity and are as much as 5% in negative quity (upside down) on their 1st mortgage and up to 10% in negative equity if they have a 2nd mortgage. This program will only work on loans that were guaranteed (prior to 05/31/2009) by Fannie Mae or Freddie Mac. The HARP loan lookup links above will aid in finding out who guarantees a particular mortgage. There is no PMI insurance regardless of the loan-to-value as long as the current mortgage does not have PMI now.

What's Moving The Market

As this week progresses the idea that the FOMC meeting next week will announce another easing move from the Fed is gaining, the idea was further fueled this morning on the increasing weekly unemployment claims. The easiest thing the Fed could do is to extend Operation Twist that is set to expire at the end of the month; the more aggressive move from the Fed would be an outright easing move that keeps the Twist and adds additional Fed buying of notes and bonds. This morning investors and traders are keeping the stock indexes from falling as they would with the weak claims report, but with increasing belief the Fed will act the equity market is holding well resulting in keeping the bond and mortgage markets in check.

Article By: Sigma Research and provided by TBWS Rate Alert on 06/14/12

HARP 2.0 will end in 2013. With rates still at all-time lows, now is the best time to check into refinancing if you, your friends or family have not done so already. We will dedicate as much time and help as is needed to each person that inquires about refinancing. All I can ask is that you have them call me and I will take it from there. Honestly, they will appreciate you thinking of them.

Sincerely,

Joseph Adsit
President / Sr Loan Originator

NMLS #216585

1st Rate Mortgage Services LLC

NMLS #771904

770-334-8451

joe@1stRateMtg.com