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Keith Schemm's Weekly Economic Summary

Conforming and Jumbo rates for 30 Year Fixed Rate Mortgages have continued their consolidation pattern in the first month of 2017. It appears that rates have started to begin to improve falling to 4.15% for conforming loans and 4.26% for jumbo loans.

You can take advantage of this period of stability by preparing to be ready for any forthcoming rate improvement by watching real-time rates on Erate's Website using our Rate search tool, understanding your specific Loan Scenario, and calling me for a current tailored rate quote with closing costs. Once the details of your Rate Quote & Loan Closing Costs make sense for you to proceed you will need to complete the On-Line Long Form Application…


Keith Schemm

ERATE employee warned families about Toxic Mortgages years before the mortgage meltdown. Bloomberg/Businessweek

June 9, 2005 - Keith M. Schemm, a mortgage broker in Santa Clara, CA, says option ARMS are "pretty dangerous loans to do" for many families. "The problem is there's such a frenzy in the marketplace to buy a home."

Too bad Fed Chairman, Alan Greenspan didn't sound the alarm about such mortgages. He should have consulted with Keith. (Keith Schemm NMLS ID: 336660)

Freddie Mac Weekly Rate Summary

30-year fixed-rate mortgage (FRM) averaged 4.16 percent with an average 0.5 point for the week ending Feb. 23, 2017, up from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 3.62 percent. 

15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent. 

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.79 percent.

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