Friday Mortgage Brief - Friday, June 24th 2011
Current Interest Rates
417K and below with 0 points 30yr fixed 4.375 FHA/VA 4.250 15yr
Fixed 3.750 5yr ARM 2.990 FHA 3.250
417-729k with 0 points 30yr fixed 4.500 FHA/VA 4.375 15yr
Fixed 3.750 5yr ARM 3.125 FHA 3.250
Banks Lowering Loan Standards
Wall Street Journal (06/24/11) P. C6 Zibel, Alan In its annual survey of bank examiners' assessments of credit underwriting, the Office of the Comptroller of the Currency said large U.S. banks are beginning to relax underwriting standards following three years of tighter credit. Banks are easing criteria on international, corporate and leveraged loans along with asset-based lending thanks to a more upbeat economic forecast; but they are keeping standards tight on residential mortgages, home equity debt, construction financing and credit cards.
-This is a good sign. Hopefully residential mortgages will be nextJ
From Bruce
I wonder what it would be like to live in a world where it was always June. -- L. M. Montgomery
Have a great weekend!
Bruce
Bruce Rosenberger
Chairman's Team
SunTrust Mortgage, Inc
Cell 703.850.1349
Buying or Selling a Home in Northern Virginia? Contact Kim Darwaza of RE/MAX Allegiance for all of your Real Estate needs at 703-856-2254 or kim@kimdarwaza.com. To search the MLS visit http://www.kimdarwaza.com.