The Fed's latest assessment of the economy spooked investors. Though the central bank has been warning of slower growth for months, its signal of "significant downside risks to the economic outlook, including strains in global financial markets" added to the pessimistic forecast. The stock market plunged.
The Fed however surprised markets with the announcement it would turn back to buying Mortgage Backed Securities with principle pay downs on MBSs it holds and instead of investing back into treasuries as it had been doing, investing in more Mortgage Backed Securities. This caused rates to dip even further.
Conforming 30 Year Fixed (up to $417,000) is at 3.75% at zero points, High Balance ($417,000 to $625,500) is at 3.875% at zero points and Jumbo (over $625,500) is at 4.5%. Other programs are attached.
Check out our Jumbo rates. They cannot be beat.
30 Year Fixed - 4.5%
10 Year Fixed - 4.125%
7 Year Fixed - 3.875
5 Year Fixed - 3.5%
All with 25% down and one point. (20% down allowed in some zip codes but rates will be higher)
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