News From 1st Rate Mortgage Services LLC

It's May and we are still experiencing winter like weather. Just goes to show you how you never know what to expect. Just as in the rate market. We have had a huge run down on rates taking us back to the lowest rate we saw in November. Then on Friday the 3rd, we hit a speed bump. The problem is we just don't know how big this speed bump is or if it is more of a wall. Take a look at our current rates below and the rate chart for the past 30 days and you can see for how strong rates have rallied. I only hope this speed bump from Friday is a small one. If not, we could be in for higher rates from here.

Current Mortgage Rates

We can help you with a new purchase or refinance your existing loan with these great rates!

One Month Rate Chart

Term | Rate | Orig Fee | Disc Fee | APR

30-Yr Fixed | 3.375% | 0.000% | 0.000% | 3.436%

20-Yr Fixed | 3.250% | 0.000% | 0.000% | 3.333%

15-Yr Fixed | 2.500% | 0.000% | 0.000% | 2.608%

10-Yr Fixed | 2.375% | 0.000% | 0.000% | 2.532%

30-Yr Jumbo| 3.750% | 0.500% | 0.000% | 3.853%

*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 05/08/2013 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 of 418K. We offer better rates for lower LTV's on Jumbo loans. Jumbo's available up to 80% LTV.

Insider's Industry News

Mortgage Interest Deduction Seen to Vary Geographically

The mortgage interest deduction is one of the largest tax expenditures in the U.S. tax code but the rate at which it is claimed and the average amount deducted vary widely across and within states, according to a new report released by The Pew Charitable Trusts. For example, the percentage of tax filers deducting mortgage interest ranged from nearly 37 percent in Maryland to 15 percent in West Virginia and North Dakota. The variation across metropolitan areas within states is even greater. In Texas, for example, the state's highest claim rate-in the Austin area-is four times larger than the lowest rate, in the Odessa area.

"Policymakers are actively discussing whether to modify tax expenditures, such as the mortgage-interest deduction, as they...Continue to article

Article By:National Mortgage Professional Magazine Wed, 2013-05-08 17:04

What's Moving The Market

April to May - 30-Yr Fixed National Average

March to April : 30-Yr Fixed National Average Rate Chart

Since the strong selling last Friday the MBS markets have been essentially unchanged, the 10 yr yield up 2 bps in rate since Friday's close. The run-up in rates due to the better employment report may be a little overdone in the near term, but as long as the US and global equity markets continue to advance with no big declines any improvement in interest rates isn't likely to drive rates back to levels seen last week before April employment. Technicals on the 10 are now bearish near term; the note yield trading above its 20 and 40 day averages, stochastics, relative strength and the moving average convergence/divergence index all bearish. Keep tuned and use any improvement in rates to lock in deals. The rest of this month the various economic measurements will likely generate increased volatility pending how they compare to economists' forecasts and estimates

Article By: Sigma Research and provided by TBWS Rate Alert on 05-08-2013

HARP 2.0 will end this year. 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

1st Rate Mortgage is not authorized by, in sponsorship with or otherwise affiliated with the lender for whom this newsletter is addressed and received by.

Georgia Residential Mortgage Licensee