News From 1st Rate Mortgage Services LLC

Here we go again with another month of record setting rates. At the beginning of the year, I don't think anyone would have believed we'd be at 3.25% and testing the 3.125% range on a 30-yr fixed rate mortgage. Add in the fact that HARP has given us the ability to help our clients that are above 80% loan-to-value as well as the ones that are completely upside down, and you have the best time yet to refinance or purchase a house. After all, the rates have never been this low before. Is this the peoples stimulus package?

Current Mortgage Rates

Payment Calcuator

Term | Rate | Orig Fee | Disc Fee | APR

30-Yr Fixed | 3.250% | 0.250% | 0.000% | 3.334%

20-Yr Fixed | 3.250% | 0.000% | 0.000% | 3.339%

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| 4.000% | 0.250% | 0.000% | 4.054%

*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 07-18-2012 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

Purchase Money Loans With 5% Down On Conventional Loans:

Purchase a primary residence property with only 5% of the purchase price as a down payment. This loan does require private mortgage insurance. To avoid PMI, you can have 5% down and a gift from a non-interested party of 15%. If you are not able to obtain a gift and only want to use 5% down, the PMI may be tax deductible. Consult your CPA or accountant for the details.

What's Moving The Market

Technically the US rate markets remain positive but most rates have stalled after the recent rally that took the bellwether 10 yr note from 1.68% on July 2^nd to 1.48% this morning. The note has found resistance at 1.46% on a closing basis, it did fall to 1.45% on Monday but it didn't hold and since then has held steady. Mortgage markets paint the same picture, outlook good but rates have stalled. We don't expect interest rates to increase as long as the view of another easing dominates as it does today; if the Fed were not to ease then rates will edge higher unless Europe's debt crisis becomes more worrisome.

Article By: Sigma Research and provided by TBWS Rate Alert on 07/18/12

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