MortgageStraightTalk.com

08/22/2023

Ask Morty

Q. Can you explain the difference between a mortgage and a deed of trust which I guess is what you all use out here?

A. The fundamental difference between Deed of Trusts and Mortgages is the procedure that is required in the event that borrower defaults on his or her obligation to pay off the loan and breaks the agreement. With a mortgage, if a borrower defaults, such as by failing to make monthly payments or meet other conditions of the loan, like carrying homeowner’s insurance or maintaining the house in good repair, the process is more expensive and time-consuming: the lender has to bring a court action in order to foreclose on the property.

With a Trust Deed, the foreclosure process is sped up and less cumbersome than the formality of a court foreclosure hearing that is required with a Mortgage Deed. If you default on your payment of the loan, the lender simply complies with the provisions of the law of the state where the property is located, gives the appropriate notices, and the trustee then cedes the property back to the lender or the trustee may sell the property at the request of the lender without a court proceeding.

Most of us incorrectly call our home loan a mortgage when in fact it is not. A mortgage is the document proving the legal claim or lien on a piece of property that you give to the lender who holds it as security for the money you borrowed. The lien is recorded in the public records. With a mortgage you pledge the property as security for the repayment of the loan, but you do not transfer title to the lender.

If you (the mortgagee) repay your loan in accordance with the terms of the mortgage, it is cancelled or satisfied by the lender (the mortgagor). If you do not repay your debt, however, the lender has the right to sell the secured property to recover funds through a court proceeding called foreclosure.

In California, and most other states, a deed of trust is used in place of a mortgage. Whereas, a mortgage involves two parties--the borrower and the lender, a deed of trust involves three—the borrower (or trustor), the lender (the beneficiary) and a trustee, a neutral third party, such as an attorney or title agent. As with the mortgage deed, the trust deed is also recorded and a matter of public record. In a deed of trust transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the loan to the lender. The deed of trust is cancelled when the debt is paid. When the loan is fully paid, the title company transfers property title to the homeowner via a deed of reconveyance.

Recipients of the survey are invited to any real estate or financing questions. The answer will be published the following Friday for the benefit of all, unless otherwise requested. Questions may be forwarded via mail phone or fax. Due to the high incidence of spam, if you email me a question it needs to be identified as a “real estate question” on the subject line of the email. Morty’s email address is [email protected]

THIS WEEK’S ERRANT OBSERVATION:

I SUED THE

AIRLINE FOR

LOSING MY

LUGGAGE

I LOST MY CASE

08/22/2023

THE WEEK IN REVIEW

8/11-8/17

Last Friday

U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. Economists had expected a 0.7% gain.


Monday

Financial markets see more than a 90% chance the central bank will agree to pause rate hikes next month.

The ruble hit a 17-month low against the dollar Monday, highlighting the growing squeeze on Russia’s economy from Western sanctions and a slump in export revenues. The Russian currency has lost nearly 40% of its value this year. A ruble is now worth about one U.S. penny.

Tuesday

Spending at US retailers rose in July at a much faster pace than in the prior month. It was also the fourth straight month that retail sales increased.

Wednesday

Housing starts, a measure of new-home construction, climbed 3.9% from June to a seasonally adjusted annual rate of 1.452 million in the month, beating market expectations of 1.448 million. Low inventory in the existing home market continued to boost interest in new homes; the number of units started was up 5.9% from July 2022.

Thursday

US mortgage rates surged this week, rising to their highest level in 21 years. The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before. A year ago, the 30-year fixed-rate was 5.13%.


THIS WEEK’S FEATURED LOAN PROGRAM: 15-YR. TERMS

15-year loans are the terms with the lowest rates. Compared to a 30-yr. loan, a 15-yr. has significantly lower rates, pays off in half the time or less and saves tens and in some cases hundreds of thousands in interest.


- Purchase, Rate/Term refinances
- Eligible properties: primary, 2nd homes, investment (only
primary residences for FHAs & VAs)

- 620 minimum FICO score

- Conforming, Conforming High Balance and Jumbo loan
amounts available. Like a conventional loan in every other
regard

- Conforming 15-yr. Fixed @ 6.125%
- Conforming 15-yr. Fixed High Balance (HB) 6.375%
- Refi Now & Refi Plus 15-yr. fixed 6.250%
- Conforming 15-yr. Fixed FHA @ 5.990%
- Conforming 15-yr. Fixed FHA HB @ 5.990%
- Conforming 15-yr. Fixed VA @ 5.990%
- Conforming 15-yr. Fixed VA HB @ 5.990%
- HOME READY/HOME POSSIBLE 15- yr. fixed @ 6.125%
- Jumbo 15-yr. Fixed @ 7.250%

ROD HAASE

"I SELL MONEY AND SERVICE"

cell: 760-717-8584
office: 760-726-4600
fax: 760-730-5692

[email protected]
www.mortgageStraightTalk.com

Cypress Mortgage
2131 Palomar Airport Road
Suite 229
Carlsbad CA 92011

DRE Lic. 0069 3227
NMLS. 336541

Welcome to the home page of Mortgage Straight Talk.com

08/22/2023

SURVEY OF THE LOWEST MORTGAGE RATES
AMONG 40 LENDERS AS OF 8/18/2023

CONFORMING 30 YR. FIXED 6.625%*

CONFORMING 15 YR. FIXED 6.125%

CONFORMING 7/6 ARM 6.990%

REFI NOW/REFI POSSIBLE 6.750%

HIGH BALANCE CONF. 30 YR. FIXED 6.750%*

HIGH BALANCE CONF. 15 YR. FIXED 6.375%*

JUMBO 30 YR. FIXED 7.125%

JUMBO 5/6 ARM 7.500%*

FHA & VA 30 YR. CONF. FIXED 6.250% & 6.375%

FHA & VA 15 YR. CONF. FIXED 5.990%* & 5.990%*

FHA & VA 30YR. HIGH BAL. CONF. FIXED 6.500% & 6.375%*

HOM READY/ HOM POSSIBLE 30-YR. FIXED 6.500%*/6.625%

INTEREST ONLY 5/6 ARM 7.625%*

* One of the Week’s Best Buys as only 1 lenders is offering this rate

*Conforming up to $726,200
*High Balance Conforming $726,201 to $1,089,300 <
Jumbo

*All pricing assumes 30-day locks and is AS CLOSE TO PAR AS POSSIBLE, that is, with no credit or discount points. Cheaper pricing is available with 15, & 21 day locks.

If you need something not shown, call or email me. email: [email protected]

08/22/2023

Ask Morty

Q. Would you elaborate on the reserve requirements?

A. The reserve requirement for homebuyers is usually two months of PITI (Principal, Interest, Taxes and Insurance). But, as guidelines have tightened, lenders are now asking for greater reserves even with owner occupied properties. Mortgage reserves of 6 months of PITI are common. For less than full doc loans like self-employed borrowers and stated income loans, 6 to 9-months is not uncommon. A number of lenders require as much as 12 months of reserves for non-QM borrowers. For investment property, the reserve requirement is typically between six to twelve months.

Recipients of the survey are invited to any real estate or financing questions. The answer will be published the following Friday for the benefit of all, unless otherwise requested. Questions may be forwarded via mail phone or fax. Due to the high incidence of spam, if you email me a question it needs to be identified as a “real estate question” on the subject line of the email. Morty’s email address is [email protected]

THIS WEEK’S ERRANT OBSERVATION:

I’m interested in nothing, with the right story
I can make almost anything from it.

08/22/2023

THE WEEK IN REVIEW

8/4-8/10

Last Friday

The U.S. job market continued its cooldown adding just 187,000 jobs last month, It was less than the 200,000 positions expected. The labor market is still resilient, experiencing 31 straight months of growth. The unemployment rate sank to 3.5 percent, a near record low. Fed officials have been hoping their aggressive rate-hiking campaign would bring about a slowdown in the job market—especially in wage gains, which are viewed as a contributor to inflation. As a result, mortgage rates climbed to the highest levels of the year.

Monday

Stocks rebounded from a rough start in August in the wake of data showing continued cooling in the labor market.

Tuesday

Stocks came under pressure after a warning about US bank health and surprisingly weak Chinese trade data sent shivers through markets. Moody's downgraded 10 small and midsize institutions, which came with a warning it could lower credit ratings for some of the nation's biggest lenders.

Wednesday

The average U.S. 30-year mortgage rate jumped to a nine-month peak on Wednesday and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. The average 30-year mortgage rate shot up to 7.09% for the week ending Aug. 4, a 16 basis point increase from the previous week's 6.93% rate, according to a weekly report released by the Mortgage Bankers Association. Rates have not been that high since November 2022, which were then the highest levels since 2001.

Thursday

The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase. The annual headline rate’s increase was largely due to year-over-year comparisons to July 2022 when monthly inflation turned negative.

The 30-year fixed-rate mortgage averaged 6.96% in the week ending August 10, up from 6.90% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.22%.


IMPACT ON MORTGAGE RATES

The biggest consideration for mortgage rates right now is the progress in the battle to tame inflation. The latest major inflation data was right in line with expectations, however, leaving investors to focus on Japanese monetary policy and U.S. government spending. These secondary influences were negative for mortgage rates, which ended the week a little higher.

A PERSONAL ANECDOTE

I rarely get ill—haven’t had a cold or flu in a decade or more, but then again, I typically get the doctor recommended flu shot every fall.

Monday, I couldn’t stop coughing, that night I went to bed early and alternated between sweating and shakingly cold shivers along with some joint and muscle aches. I felt as weak as a baby.

Tuesday, I started feeling better, but my nose was running like a faucet. But some of my strength seemed to be returning.

Wednesday, my lungs felt like they were irritated from rubbing against my ribs due to the day & night coughing—at least that’s what I surmised. The top of my skull felt like it was about to lift off each time I had to cough. I called my doctor and requested that he send a scrip to the pharmacy for antibiotics. His front office girl said their protocols required that I be tested for Covid before the doctor would write me a scrip.

“C’mon. I’ve had the vaccine and 4 booster shots.”

“Sorry, but these are our protocols.”

“Okay, how soon can you get me in?

“Can you come over now?” she replied.

“Be there in 20.”

“Oh, one last thing, don’t come in the building, sit outside on the bench and then let us know you have arrived”

“How am I supposed to do that, yell through the window?”

“No, use your cell phone.”

As I said, I thought it was a waste of time but I wanted scrip for the antibiotics. Upon arriving I called the doctor’s number and of course these days you have to go through the usual “If this is an emergency, dial 911” plus all the additional phone trees of voice mails. After 5 minutes of this nonsense, a woman came on the line and I told her that I was outside on the bench. A few minutes afterward, a nurse garbed in a haz/mat suit, face shield and face mask appeared. After swabbing one nostril she disappeared. About 15 minutes later she returned and informed me that I had tested positive I said, “ Well, so much for all those shots.” She corrected me and told me that the vaccine didn’t keep you from getting Covid, but it keeps you from dying from being hospitalized or dying from it. So, I left the doctor’s office and drove to the pharmacy and got my prescription for PAX-LOVID.

By Thursday evening I had had 3 doses of PAX-LOVID over the past 36-hours. I was still coughing, but much less so than in previous days. My general feeling of well-being is returning.

Just goes to show you we’re not out of the woods with this virus, yet.


This Week’s Featured Loan Program: UNCOMMON LOANS

These are loans for which there is relatively little demand, but if you or your client need one, it’s nice to know that they exist.

USDA RURAL (for out of town properties)
*FICO MINIMUM OF 580
*29/41% DTI ratios
*30 yr. fixed available
*Sub-prime available down to 600 FICO
*30 yr. fixed @ 6.000%

Manufactured Housing (prefab and modular, NOT mobile homes)
*10, 15, 20, 25 & 30 yr. fixed rate terms available
*Conventional, FHA & VA programs
*Max. LTV: 100% with VAs and 96.5% with FHAs
*Conforming 30 yr. fixed @ 6.375%
*Conforming 15 yr. fixed @ 5.875%
*FHA 30 yr. fixed @ 5.990%
*FHA 15 yr. fixed @ 6.125%
*VA 30 yr. fixed @ 6.125%
*VA 15 yr. fixed @ 6.125%

Foreign Nationals
*15 & 30 yr. fixed terms available
*Adjustable-rate programs also available
*Eligible properties include SFRs, condos, 2nd homes and 2-4 units
*Max LTV is 75%
*Debt-to-income ratios up to 55%
*5/6 ARM @ 7.750%
*7/6 ARM @ 7.750%
*10/6 ARM @ 7.785%
*15 yr. fixed @ 7.625%
*30 yr. fixed @ 7.750%

ROD HAASE

"I SELL MONEY AND SERVICE"

cell: 760-717-8584
office: 760-726-4600
fax: 760-730-5692

[email protected]
www.mortgageStraightTalk.com

Cypress Mortgage
2131 Palomar Airport Road
Suite 229
Carlsbad CA 92011

DRE Lic. 0069 3227
NMLS Lic. 336541

Welcome to the home page of Mortgage Straight Talk.com

08/22/2023

SURVEY OF THE LOWEST MORTGAGE RATES
AMONG 40 LENDERS AS OF 8/11/2023



CONFORMING 30 YR. FIXED 6.250%

CONFORMING 15 YR. FIXED 5.625%*

CONFORMING 7/6 ARM 6.625%*

REFI NOW/REFI POSSIBLE 5.990%*

HIGH BALANCE CONF. 30 YR. FIXED 6.375%*

HIGH BALANCE CONF. 15 YR. FIXED 5.990%*

JUMBO 30 YR. FIXED 6.750%*

JUMBO 5/6 ARM 7.500%*

FHA / VA 30 YR. CONF. FIXED 5.990%* / 5.875%*

FHA / VA 15 YR. CONF. FIXED 5.625% / 5.625%*

FHA / VA 30YR. HIGH BAL. CONF. FIXED 6.125% / 6.125%*

HOME READY/ HOME POSSIBLE 30-YR. FIXED 6.125% / 6.125%

INTEREST ONLY 5/6 ARM 7.625%*

* One of This Week’s Best Buys as only 1 lender is offering a rate this low.

*Conforming up to $726,200

*High Balance Conforming $726,201 to $1,089,300

*Jumbo Pricing assumes 30-day locks at or as close to par as possible, that is, with no credit or discount points

08/04/2023

THE WEEK IN REVIEW
7/28-8/4

Last Friday

• US consumers have been feeling a whole lot better this summer as inflation has continued to slow. Consumer sentiment tracked by the University of Michigan rose 11% in July from the prior month, Americans’ expectations for inflation rates in the year ahead inched up to a 3.4% rate, “well below the high point of 5.4% from April 2022 but above the 2.3%-3.0% range seen in the two years prior to the pandemic.

• The Federal Reserve’s favorite inflation measure—the Personal Consumption Expenditures price index—rose 3% in June, easing for the second-consecutive month and stepping back from May’s 3.8% increase.

Monday

• Stocks edged higher, Monday, as the NASDAQ notched its 5th month of gains.

Tuesday

• The unemployment rate for June sat at 3.6 percent, a dip from 3.7 percent in May but higher than the 3.4 percent recorded in January and April, the lowest jobless rate since 1969. As the economy added 209,000 jobs in June, it marked the 30th consecutive month of gains in U.S. payrolls.

Wednesday

• Fitch Ratings pointed to the nation’s mountain of debt as the reason for its controversial decision to downgrade the US credit rating from AAA to AA+. Fitch expressed concern about large and growing fiscal deficits which currently constitutes 113% of GDP and the mounting cost to finance US debt as interest rates rise.

• Global stock markets fell Wednesday after ratings agency Fitch downgraded its US credit rating, citing “a steady deterioration in standards of governance” and the American government’s growing debt burden.

Thursday

• US mortgage rates worsened this week, climbing closer to 7%. The move follows last week’s rate hike from the Federal Reserve, and the downgrade this week by Fitch Ratings agency of US sovereign debt, and of Freddie Mac and Fannie Mae. The 30-year fixed-rate mortgage averaged 6.90% in the week ending on August 3, up from 6.81% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 4.99%, the lowest rates have been in the last 12 months.

IMPACT ON MORTGAGE RATES

Mortgage rates were hurt by the Fed’s ¼ point hike to Fed Funds rate last week, but this week’s bump courtesy of Fitch, the credit rating service, which downgraded the U.S. credit rating from AAA to AA+ which had an outsized impact on wholesale rates this week. Conforming rates for both fixed rate programs and ARMs worsened by 3/8ths of a percent. High balance programs were similarly affected by 0.25%. Jumbos became only an 1/8th less attractive. Governments, like FHAS and VAs, followed the path of conforming conventional programs.

THIS WEEK’S FEATURED LOAN PROGRAM: VA LOANS

VA Loans (100% financing for Veterans and service personnel).
• Purchases
• Refis or IRRLs are Interest Rate Reductions Refinance Loans
• Owner occupied only (up to 4 units), PUDs and condos are
eligible
• No credit score required
• Loan amounts up to $1,089,000 in San Diego County
• 100% LTV for rate/term or cash-out refinance
• Max DTIs are 50%, occasional exceptions to 55%
• Seller concessions up to 6%
• Assumable
• No monthly mortgage insurance premium
• No reserve requirement for 1 unit
• Impounds are required
• 100% Gift funds allowed
• Seller can pay off debt for borrower
• Citizenship is not required

PURCHASES

ARMs
5/1 ARM @ 5.625%
5/1 H.B. ARM @ 6.125%

FIXEDs
15 yr. fixed @ 5.750%
15-yr. fixed H.B. @ 5.750%
30 yr. fixed @ 6.125%
30 yr. fixed H.B. @ 6.250%

IRRLs

ARMs
5/1 ARM @ 6.000%
5/1 H.B. ARM @ 6.125% + .281

FIXEDs
15 yr. fixed @ 5.750%
15-yr. fixed H.B. @ 5.750%
30 yr. fixed @ 6.125%
30 yr. fixed H.B. @ 6.250%

ROD HAASE

"I SELL MONEY AND SERVICE"

cell: 760-717-8584
office: 760-726-4600
fax: 760-730-5692

[email protected]
www.mortgageStraightTalk.com

Cypress Mortgage
2131 Palomar Airport Road, suite 229
Carlsbad, CA 92011

DRE LIC 0069 3227 NMLS 336541

Welcome to the home page of Mortgage Straight Talk.com

08/04/2023

SURVEY OF THE LOWEST MORTGAGE RATES
AMONG 40 LENDERS AS OF 8/4/2023

CONFORMING 30 YR. FIXED 6.500%

CONFORMING 15 YR. FIXED 5.875%*

CONFORMING 7/6 ARM 6.875%*

REFI NOW/REFI POSSIBLE 6.500%*

HIGH BALANCE CONF. 30 YR. FIXED 6.625%

HIGH BALANCE CONF. 15 YR. FIXED 5.990%*

JUMBO 30 YR. FIXED 6.875%*

JUMBO 5/6 ARM 7.250%*

FHA & VA 30 YR. CONF. FIXED 6.125% & 6.125%

FHA & VA 15 YR. CONF. FIXED 5.750%* & 5.750%*

FHA & VA 30YR. HIGH BAL. CONF. FIXED 6.250% & 6.250%

HOME READY/ HOME POSSIBLE 30-YR. FIXED 6.250%*/6.500%

INTEREST ONLY 5/6 ARM 7.625%*

08/04/2023

Ask Morty

There were no letters in the mailbag this week.

Recipients of the survey are invited to any real estate or financing questions. The answer will be published the following Friday for the benefit of all, unless otherwise requested. Questions may be forwarded via mail phone or fax. Due to the high incidence of spam, if you email me a question it needs to be identified as a “real estate question” on the subject line of the email. Morty’s email address is [email protected]



THIS WEEK’S ERRANT OBSERVATION:

Growing old is tough; not growing old is worse.

07/30/2023

Ask Morty

Q. I’ve heard the term “hard assets” with respect to a loan application. Were they talking about coins or precious metals?

A. Neither. Hard assets are possessions that are not cash i.e., those that are illiquid or cannot be quickly converted into cash. This category includes cars, jewelry, electronics and real estate. Businesses are also often considered hard assets. For mortgage loan applications, hard assets do not need to be disclosed unless necessary to show positive net worth. This is especially the case with real estate or vehicles that have outstanding loans against them. Obviously, if the borrower has a mortgage loan reporting as a liability on his or her credit report, that debt should be offset by the value of the property. Otherwise, the borrower may generate a negative net worth.

Recipients of the survey are invited to any real estate or financing questions. The answer will be published the following Friday for the benefit of all, unless otherwise requested. Questions may be forwarded via mail phone or fax. Due to the high incidence of spam, if you email me a question it needs to be identified as a “real estate question” on the subject line of the email. Morty’s email address is: [email protected] .

THIS WEEK’S ERRANT OBSERVATION:

DOUBLE NEGATIVES

ARE A NO-NO IN ENGLISH

07/30/2023

THE WEEK IN REVIEW

7/21 - 7/27.

Friday

• Markets are betting a Fed rate hike at next week's FOMC meeting is all but certain. As of Friday, the probability of a 0.25% increase stood at nearly 99%, according to CME’s FedWatch Tool. The expected increase comes after the Fed hit pause on the hikes in June but signaled that two additional rate hikes were likely this year.

Monday
• ---

Tuesday

• The Conference Board’s monthly Consumer Confidence Index which is a leading gauge of consumers’ attitudes toward the current and future strength of the economy hit 117 in July, rising from 110.1 the month before, according to new data released Tuesday. The index increased for the third consecutive month, bounding even higher after a sharp swing upward in June.

• Home prices remained high in May, dropping slightly from a year before when prices were near record highs, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index. Month over month, home prices rose in May for the fourth consecutive month. The national index rose 0.7% in May from April, after seasonal adjustment. Before seasonal adjustments, the national index rose 1.2% from April.

Wednesday

• The Fed hikes interest rates by a quarter point, lifting interest rates to their highest level in 22 years. I also hinted at another increase this year.

• New home sales dropped in June from the month before, even as buyers continued to rely on new construction as an alternative to the historically low supply of existing homes for sale. Sales of newly constructed homes were down 2.5% in June from a revised surge of 6.6% in May, although they were up 23.8% from a year ago.

Thursday

• US pending home sales rose in June, up 0.3% from the previous month, marking the first increase since February. The pending sales index, a forward-looking indicator based on signed contracts to buy a home, rather than the final sales that are accounted for in existing home sales, was at 76.8 in June. An index of 100 is equal to the level of contract activity in 2001.Year over year, pending transactions fell by 15.6%.

• The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Gross domestic product, the broadest measure of economic output, grew by an annualized, seasonally adjusted 2.4% rate in the April-through-June period. That was a faster pace than in the first three months of the year and was also above economists’ expectations for a 1.8% rate.

• Gas prices have increased to an 8-month high, as excessive heat and production caps have hurt supply.

• US mortgage rates moved higher this week following the Federal Reserve’s rate hike, after dropping last week. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 27, up from 6.78% the week before. A year ago, the 30-year fixed-rate was 5.30%.

IMPACT ON MORTGAGE RATES

Across the board, rates worsened slightly (up 1/8th) and expectedly with the Fed hiking the Fed Funds Rate on Wednesday.

THIS WEEK’S FEATURED PROGRAMS: Interest Onlys (I/Os)

Interest Only programs have the ultimate leverage and lowest payments (depending on the program chosen) because there is no principal reduction during the first 10 years. Caveat: They are not the programs to be in during a falling real estate market.

• Purchase, Rate/Term refinances

• Eligible properties: SFRs, PUD and condos, Owner occupied
up to 2 units, 2nd homes

• Minimum 700 credit score.
• Quarter point improvement in rate for FICOs =/> 740
• Minimum loan amounts $100,000 to $1 million

• LTVs 60% to 75%, depending on FICO score, type of
property and the number of units

• Max DTIs to 50%, but most are limited to 42%.

ARM programs available: 5/6, 7/6, & 10/6

• 5/6 I/O ARM @ 7.375% (owner occupied)
• 7/6 I/O ARM @ 7.625% (owner occupied)
• 10/6I/O ARM @ 7.750% (owner occupied)

• 30-YR. FIXED I/O @ 7.500% (owner occupied)
Investor programs

• 5/6 I/O ARM 40 yr. term @ 7.500% (investment property)
• 7/6 I/OARM 40 yr. term @ 7.250% (investment property)
• 30-YR. FIXED I/O @ 7.500% (investment property)

ROD HAASE

"I SELL MONEY AND SERVICE"

cell: 760-717-8584
office: 760-726-4600
fax: 760-730-5692

[email protected]
www.mortgageStraightTalk.com

Cypress Mortgage
2131 Palomar Airport Road, suite 229
Carlsbad, CA 92011

DRE LIC 0069 3227 NMLS 336

Welcome to the home page of Mortgage Straight Talk.com

07/30/2023

Interest Rates: 7/28/23

Conforming 30-yr. fixed 6.125%

Conforming 15-yr. fixed 5.625%

Conforming 7/6 ARM 6.500%*

Refi Now/Refi Possible 6.125%

High Balance Conforming 30-yr. fixed 6.375%*

High Balance Conforming 15-yr. fixed 5.750%*

Jumbo 30-yr. fixed 6.750%*

Jumbo 5/6 ARM 7.500%*

FHA/VA Conforming-30 yr. fixed 5.750%* / 5.750%

FHA/VA Conf.-15 yr. fixed 5.625%* / 5.625%*

FHA/VA High Balance 30-yr. fixed 5.875%* / 5.875%*

HOME READY/HOME POSSIBLE 30-yr. FX 6.000%* / 6.125%*

INTEREST ONLY 5/6 ARM 7.625%*

FED FUNDS RATE (INCREASED BY .25% ON 7/26/23) 5.000%-5.250%

1-MONTH SOFR 5.3016%

1-YEAR SOFR 5.3925%