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Keith Schemm's Daily Rate Summary

Rally Continues in Treasury Yields & Mortgage Rates.
On Monday, Treasury yields and Mortgage Rates were consolidating gains after the six weeks of lower yields to usher in the spring home-buying season. This is now six weeks in a row of lower interest rates, engineered by a Fed that had no less than 5 Fed governors go out on the speaking trail and say; "no…we are really serious about raising interest rates and normalizing our balance sheet, we're not kidding". Instead, from mid-March thru April the 10 Year Note yield has instead fallen over 50 bps in that time. On Monday, the 10 Yr. U.S. Treasury Note stood at a yield of 2.2730% and the 30 Yr. U.S. Treasury Bond yielded 2.9288%. Previous week, 30 Year Mortgages according to Freddie Mac were around 3.97% for conforming and 4.39% for Jumbo products.


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)


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Guidelines to mortgage refinancing

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Freddie Mac Weekly Rate Summary

30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending April 27, 2017, up from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent. 

15-year FRM this week averaged 3.27 percent with an average 0.4 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent. 

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.86 percent.

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