Central Coast Lending Rate Update 6.29.11
Bank of America will set aside $14 billion to pay investors that bought toxic securities it assembled, including $8.5 billion to settle with some of the biggest holders. Most of the securities were underwritten by subprime lender Countrywide Financial – a company bought by Bank of America in 2008.
The National Association of Realtors’ “Pending Homes Sales Index” recovered in May, bouncing 8.2 percent to 88.8 percent. The shift countered April’s seven-month low. Economists say that the uptick is just a correction after the 11.3 percent decline in April. On a more negative side, the Mortgage Bankers Association reported a decline of 3 percent in applications for loans to buy homes.
The market continues its three-day rally with optimism over the Greek austerity measures an important reason for the optimism.
Central Coast Lending's Rates fo Wednesday, June 29: 30 Year Fixed 4.250% (4.416 APR) 15 Year Fixed 3.375% (3.685% APR) 5 Year ARM 2.375% (2.541% APR) 30 Year Jumbo 4.250% (4.374% APR).
