Interest rates have been volatile.  Rates are currently at 4.5% at 1.125 points for amounts up to $417,000.

For loans between $417,000 and $506,000 they’re at 4.625 at .75%.

Above $506,000 to $600,000 are at 5.75%.

Rates are at 4.5% now.  My suggestion to people is that if you’re at 6% or above, you should just refinance. Don’t gamble.  For everybody else, it’s up to them to go by their gut and decide when to do it.

In the next week, rates will be getting better for loans above $506k. The new conforming rate will be $567,500. (It’s been passed by congress; everybody is just waiting for the banks).

There will be new programs where appraisals will not be necessary and where the second mortgage automatically get subordinated (subordinated means that it goes back into second lien position if you get a new first mortgage).  I don’t have all the details on these programs but will know more when they are in place, probably in the next two weeks.

Interest rates have been volatile.  Rates are currently at 4.625% at 1.25 points for amounts up to $417,000.

For loans between $417,000 and $506,000 they’re at 4.75%.

Above $506,000 to $600,000 are at 5.75%.

So my 70/30% prediction on rates dropping did happen.  They made it to 4.5% for a half a day.  I’m still sticking with it dropping more but my suggestion to people who have rates in the 6%’s……you really don’t have room to gamble. It makes sense to just refinance.

Interest rates have been volatile.  Rates are currently at 4.75% at 1.25 points currently for rates up to $417,000.

For loans between $417,000 and $506,000 they’re at 5.25%.

Above $506,000 to $600,000 are at 5.75%.

My comments from last week still apply though I will add that this week will be extremely volatile.  Hopefully for the positive.