I am sure most of you agree that we can't wait to see normal commercials again. Wow! Can't take much more. In regards to the mortgage industry, the election may play a big part in interest rates. It is safe to say that rates have been held down for a long time and many would say too long. Rates will go up, but the question is when. I gave up predicting, and good thing because I would have bet they were going up 3 years ago. Always make your decisions based on the belief they are going up next month. If it makes sense to do a loan, do it. If it doesn't, then wait. This is the only prediction I would give short term. Long term, they will go up. I just can't tell you when.
To start November rates are up a bit. About 1/8% across the board
30 year and 25 year fixed: 3.625% (Apr 3.79)
20 year fixed: 3.375% (Apr 3.42)
15 year fixed: 2.99% (Apr 3.08)
10 year fixed: 2.875% (Apr 2.94)
FHA 30 year fixed: 3.25% (Apr 3.92)
VA 30 year fixed: 3.25% (Apr 3.47)
Jumbo: Please Call
**Rates subject to change. Above rates based on credit score greater than 740 and mortgage loan being a purchase. Please Call or email for an exact quote for your situation.
Craig Meyer
President
Archer Mortgage Lending Corp
8050 Watson Rd Ste 245
St. Louis, MO 63119
314-968-1500, Fax: 314-968-7998
Cell: 314-323-3092
craig@archermortgage.com