Cyprus Tax on Deposit Accounts Will Send U.S. Mortgage Rates Lower

The euro zone took an unprecedented move by taxing deposit accounts in Cyprus to help pay for that country's bank bailout. The decision to raise $7.6 billion by taxing deposit accounts is an ill-advised move which may cause a run on deposits across the euro zone. The results are already being seen as people line up to take their money out of Cyprus banks.

Cyprus Tax on Deposit Accounts Will Send US Mortgage Rates LowerThe news sent stock indexes in Europe down. Stock prices opened lower in the United States and 10 year U.S. Treasury yields fell 9 basis points at the open and are now under 2.00 percent. Investors are doing the classic flight-to-quality by buying U.S. Treasuries during uncertain times. When Treasury prices move higher, Treasury yields move lower and lower yields means lower mortgage rates in the coming days.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from New American Funding
New American Funding
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111741.gif
300000
Purchase
3.514%
3.375%
USD
New American Funding Logo
NMLS # 6606
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,250
Direct lender specializing in helping you save money on your home loan.
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Apple Financial Network, Inc
Apple Financial Network, Inc
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112378.gif
300000
Purchase
3.556%
3.375%
USD
Apple Financial Network, Inc Logo
NMLS # 1846010
State Lic # 01527337
10/21/2019
at 1.625 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,972
Be ready to buy. Get pre-approved by a local lender
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






There is fear in the European Union that the new tax might be applied to other countries that are in need of a bailout. Many people believe Italy might be next in line for a bailout. This fear will cause more money to be withdrawn by depositors in all euro zone countries. A major run on banks in the zone will cause equity markets to fall worldwide and send long-term U.S. bond yields even lower, in turn sending current mortgage rates down.

30 year mortgage rates today are averaging 3.69 percent, down from last week's average 30 year mortgage rate of 3.70 percent. In the coming days, the average 30 year conforming mortgage rate will probably fall below 3.60 percent. Right now you can already find lenders quoting 30 year mortgage rates well below 3.60 percent. Currently, the lowest 30 year mortgage refinance rates in our database are at 3.25 percent with points.

Mortgage rates today on 15 year conforming loans are averaging 2.87 percent, down from last week's average 15 year rate of 2.92 percent. This week, the average 15 year conventional loan rate will probably fall towards 2.75 percent, but you can already find lenders quoting 15 year refinance rates well below the averages.

The lowest 15 year conventional refi rates in our database are at 2.25 percent with points and without points, the lowest 15 year refi rate is at 2.50 percent. The lowest rates we mention in this article are the lowest overall, the lowest rate isn't available in all states. The good news is even for states that currently don't have lenders quoting rates at 2.25 percent, you can still find quotes as low as 2.50 percent, below the average rate.

Jumbo mortgage rates today on 30 year loans are averaging 4.11 percent, a decline from last week's average 30 year jumbo rate of 4.20 percent. If Treasury yields continue to decline this week, the average 30 year jumbo mortgage rate will fall towards 4.00 percent. The best jumbo rate in our database is currently at 3.50 percent with 2 mortgage points, the lowest rate without points is at 3.75 percent.,

Average 15 year jumbo mortgage interest rates are at 3.45 percent, down from last week's average 15 year rate of 3.52 percent. Right now we have lenders quoting 15 year jumbo refi rates as low as 2.75 percent with 2 mortgage points and as low as 3.00 percent with no points. When you search our database you don't have to provide any personal information to view a list of rates.
 
 
Author: Brian McKay
March 18th, 2013
Posted in: Mortgage Rates