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Rates steady as 10 year Treasury hits 3%;

Jumbo loan rates continue to beat conforming rate


Market Update

There was relatively little drama on the international stage this week as all sides in trade negotiations considered their strategies. The China stock market is down more than 20% this year, putting pressure on its leaders to work out a deal that will restore economic stability. Canada sells 75% of its exports to the US, providing ample incentive for a deal there also.


Consumer spending data showed strength in the most recent reporting period, suggesting continued strength in the US economy.


Mortgage Market

The yield on the much watched 10 year Treasury bond hit the important 3% figure at the end of the week. After having retreated from being above 3% several months ago to less than 2.8% many observers thought the trend of rising rates had paused, but maybe not! The yield curve continues to be very tight, with the yield on 2 year Treasury notes at 2.79% and the 30 year Treasury bond 3.13%. A flat yield curve has historically been the harbinger of recession, but there are certainly no other signs of that development in the near term. Core CPI edged down last month from 2.4% to 2.2%, possibly reflecting short term price movements in certain commodity sectors since the general trend in the last year has been upward.


In line with the tight yield curve, 30 year and 15 year mortgage rates are virtually identical, except for pure conforming loans ($453,100). Jumbo rates continue to be below even pure conforming rates, a reflection of the low cost of funds for buyers of jumbo loans.


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©2018 Finance of America Mortgage LLC | Equal Housing Lender  | NMLS 1071  |   Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates are subject to change without notice and are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Check with your Mortgage Advisor for specific down-payment requirements. Rates effective as of 09/14/2018 

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2018 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS ID #1071 ( | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

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