Mortgage Update

by Kelly Marsh, Broadview Mortgage

Congress approved a deal on Wednesday to raise the debt ceiling and to fund the government for a few months. The news lifted both stocks and bonds. The S&P 500 index reached an all-time high. Mortgage rates also improved nicely after the deal was reported.

THIS WEEK'S RATE TREND IS DOWN

  

Loan Amounts under $417K

Conforming 30 year fixed: 4.250

FHA 30 year fixed: 3.750

Conforming 5/1 ARM: 2.875

Conforming 7/1 ARM: 3.375

Loan Amounts over $417K up to County Limits

High Balance Conf. 30 year fixed: 4.375

FHA High Balance 30 year fixed: 4.125

High Balance 5/1 ARM: 3.250

  

Loan Limit Snapshot

Conforming/FHA

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

High Balance FHA

Santa Barbara/Ventura: $729,750

High Balance VA

Santa Barbara: $598,000

Ventura: $518,650

Posted in: loan amounts, mortgage rates, Santa Barbara Real Estate, Ventura Real Estate