Blog

Next up, election

November 3rd, 2016

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 fixed3.625%  (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 fixed3.25% (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