News From 1st Rate Mortgage Services LLC

Welcome to August. Kids start going back to school as we fall into our normal routines. With that said, the rate market has been anything but routine. We had a strong run up in rates from May 3rd to the middle of July then the market started back down for some relief as evidenced in the national rate chart below.

Please remember that we do purchase money loans and can help with the refinance of your current loan regardless of who it is with. Our rates are below the national average and we are usually anywhere from 0.25% up to 0.5% lower in rate than you can get from your current mortgage lender as their existing customer.

Current Mortgage Rates

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

Term	Rate	Orig Fee	Disc Fee	APR
30-Yr Fixed	4.250%	0.500%	0.000%	4.356%
20-Yr Fixed	4.125%	0.000%	0.000%	4.213%
15-Yr Fixed	3.250%	0.625%	0.000%	3.451%
10-Yr Fixed	3.125%	0.125%	0.000%	3.331%
30-Yr Jumbo	4.625%	0.000%	0.000%	5.651%

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*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 08/01/2013 at 2:08 PM and are subject to market fluctuations. Jumbo rates are based on the above qualifications with an LTV of 65% and a loan amount of 418K. Jumbo's available up to 80% LTV.

Insider's Industry News

Home Purchase Volume Nearly Five Percent Higher Year-Over-Year

Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 26, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased four percent compared with the previous week. The Refinance Index decreased four percent from the previous week. The seasonally adjusted Purchase Index decreased three percent from one week earlier. The unadjusted Purchase Index also decreased three percent compared with the previous week and was five percent higher than the same week one year ago..... Continue to article

Article By:National Mortgage Professional Magazine Wed, 2013-07-31 11:22

What's Moving The Market

July : 30-Yr Fixed National Average Rate Chart

There were no surprises with the FOMC meeting. They left their key interest rate unchanged and reaffirmed their previous guidance that they could continue to purchase $45 billion of U.S. Treasuries and $40 billion of GSE MBS each month. They also reaffirmed that they would increase or decrease the level of monthly bond purchases if they thought the economic data would support it. You can read the Fed's policy statement here: http://www.federalreserve.gov/newsevents/press/monetary/20130731a.htm

Article By: Sigma Research and provided by TBWS Rate Alert on 08/01/2013

HARP 2.0 will end this year. With rates still at historic lows, now is the best time to check into refinancing if you, your friends or family have not done so already. I tuley care about each of my clients and I promis to dedicate as much time and help as is needed to each person that inquires about refinancing through a referral from a client. 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