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Market News

       Just six weeks ago the U.S. Federal Reserve was in interest rate-cutting mode. Now, Fed officials have hauled out rhetoric that suggests rates could rise within a few months.
The U.S. central bank's sudden shift to more aggressive anti-inflation language reflects both an easing of worries on financial market conditions and concerns over signs that inflation expectations are escalating.
Fed Chairman Ben Bernanke staked out the new position last week with an eye-catching defense of the downtrodden U.S. dollar.
 While the Fed is expected to hold rates steady at its upcoming meeting on June 24-25, financial markets now expect policy-makers to raise rates as soon as their subsequent meeting on August 5. A signal of their intentions could come when they announce their next decision.
Today's Rates
Product              Rate              APR
3/1ARM                          *6.000%               *6.078%
5/1 ARM                         *6.000%               *6.078%
15 Yr. Fix.                       *6.125%              *6.203%
30 Yr. Fix.                       *6.500%              *6.578%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount