Mortgage Interest Rate Report - Impact of DOW Correction - June 20th, 2012

Data Provided by Freddie Mac's Primary Mortgage Market Survey®  Week ending on 6/20/2013 Interest Rate Fees & Points Margin  30 Year Fixed Rate 3.93 % 0.8 N/A  15 Year Fixed Rate 3.04 % 0.7 N/A  5/1-Year Adjustable Rate 2.79 % 0.5 2.76  1 Year Adjustable Rate 2.57 % 0.4 2.77 For up-to-the-minute local mortgage interest rate information, contact:  Tom Drasler at Direct (714) 478-3153  Week ending on 6/13/2013 Interest Rate Fees & Points Margin  30 Year Fixed Rate 3.98 % 0.7 N/A  15 Year Fixed Rate 3.10 % 0.7 N/A  5/1-Year Adjustable Rate 2.79 % 0.6 2.76  1 Year Adjustable Rate 2.58 % 0.4 2.76

This is not intended as an advertisement of interest rates as defined by Regulation Z, Section 226.24. Data is provided by Freddie Mac's Primary Mortgage Market Survey (PMMS) and is provided for informational purposes only. The financial and other information contained herein speaks only as of the date posted above. Freddie Mac, and/or the sender of this information, is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available.

Fixed rates drop slightly this week

"Mortgage rates were relatively unchanged this week as market participants awaited the Federal Reserve's (Fed) monetary policy announcement. The Fed stated that economic growth has been expanding at a moderate pace and that labor market conditions have shown further improvement, although the unemployment rate remains elevated. It noted inflation has been running below the Fed's longer-run objective as well. As a result, the Fed will continue its bond-buying program at the current pace and maintain its highly accommodative monetary policy stance."

"The Fed also affirmed that the housing sector has strengthened further. For instance, single-family housing permits increased nearly 2 percentage points in May to an annualized pace of 649,000 homes, the most since May 2008. In addition, homebuilder confidence in June rose to its highest reading since March 2006."

– Frank Nothaft, vice president and chief economist, Freddie Mac My Opinion: I recommend all borrowers who are currently in escrow that they Lock now!  Borrowers must remember rates are still at 40 year lows. For those of us who are baby boomers remember mortgage rates at 16% in 1984. There is too much uncertainty and volatility in the financial markets right now. I recommend taking the rates on the table NOW and don’t look back. Tom