Check out the latest rates in Philly Mortgages from Trident Mortgage Company Consultant, Jason Griesser.
Mortgage rates had another strong week pushing them to the lowest levels we’ve seen in many weeks. Just a month or so ago we were in the mid/high 4s in interest rate; we’ve now moved to the low 4s across all programs. The financial markets continue to be focused on the Fed’s policy direction. Minutes from the Fed meeting were released this week and it reinforced the diligence they’ll need to take to taper the stimulus currently in place. The focus is so intense that they even disclosed a secret meeting called in early March to discuss their plans of action in the months ahead. All of this uncertainty keeps investments in safer positions keeping interest rates low. A great advantage for our spring buyers right now.
We also wanted to highlight a really strong jumbo product a lot of our higher-end clientele have been choosing lately. It is a 5/5 ARM meaning that the rate would remain fixed for 5 years. The rate would then adjust once after that in the 6th year and would remain fixed at that level for another 5 years. The rate on that product is currently 2.625%! The max adjustment in year 6 would be 2% higher than the 2.625% at a max of 4.625%; an average rate of 3.625% for 10 years. A client around a million dollar loan amount saves about $90,000 of interest vs. a standard 30yr fixed in those first 5 years! Many of our savvy jumbo buyers have wisely chosen this loan program and it’s a great option for those high-end buyers that can aggressively pay down their mortgage over time.
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611