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Today's Interest Rates
Conforming 40 yr Fixed------ 6.625%
Conforming 30 yr Fixed-------6.125%
Conforming 20 yr Fixed-------6.375%
Conforming 15 yr Fixed-------5.875%
FHA 30 yr Fixed------------------6.375%
VA 30 yr Fixed--------------------6.375%
FHA Jumbo-----------------------6.5.00%
Reverse Mortgage for those 62 years or
older-----Fixed HECM 6.45%
Credit and LTV restrictions apply. Rates are subject to change daily. Equal opportunity lender
Bond Market News for today
The Consumer Price Index (CPI) came in higher than expected, the highest it has been since 1991, leading the increase were
food and energy costs. The Core CPI rate for year over year increased to 2.4% well outside the Federal Reserve target zone
of 1%-2%.
Weakening foreign demand for U.S. securities (bonds) is a negative for the bond market but more importantly is a negative
for the Dollar. A weak dollar adds pressure to oil prices making inflation issue even worse.
Wells Fargo reported second quarter profits that topped analysts expectations. Wells increased the dividend to shareholders
by 10%. On this announcement Stock market dramatically reversed course and is now above the 11,000 mark on the Dow.
The Fed Minutes from the 25 June meeting will be released today at 11 AM Arizona time and may be a late driver for the
bond market, depending on what the minutes reflect about Fed member attitudes toward monetary policy, inflation, economic
growth.
So with all this in mind, I would recommend locking your rate.
Today's Quote
Americans are overreachers; overreaching is the most admirable of the many American excesses.
George F. Will (1941 - ),
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