My favorite quote of the week came from the CEO of JP Morgan Chase, Jamie Dimon. He announced cuts of 6,000 employees from the mortgage division calling it “the most painful business ever.” Which is the reason you need a good lender, like Bank of Manhattan, on your side!
Interest rates dipped a little this week, possibly due to global concerns stemming from instability in the Ukraine. But, we also saw some economic weakness as GPD for the 4th quarter was revised lower from 3.2% to 2.4%. Again, the weather across the eastern part of the U.S. seems to be the primary culprit for the lower economic results.
Here are current rates for some popular financing options with 20% down payment:
Conforming Loans (up to $625,500 with 20% down)