Friday's Rates

With the hot stock marketing, strong jobs report and economy doing well...mortgage interest rates are anticipated to continue their upward trend.   Investors tend to pull out of bonds (mortgage backed securities) and into stocks when stocks are performing, increasing mortgage rates.   The reverse is also true.   Investors will seek security in bonds when the stock market is not performing well.   My recommendation is to lock in your rate if you're closing within 45 days.   Why risk having a higher rate?

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on sales price of $500,000 with 20% down payment, owner occupied with minimum credit scores of 680.   Rates quoted are priced based on a 45 day lock with 1 point and there are no prepayment penalties on any of the rates quoted below.

30 Year Fixed: 6.250%  (APR 6.389%).  Payment per $1000 = $6.16

30 Year Fixed with 10 Year Interest Only:  6.375% (APR 6.389%).  Payment per $1000 = $5.31

40 Year Fixed:  6.375% (APR 6.497% ).  Payment per $1000 = $5.77

7/1 ARM:  5.875% (APR 6.011%).  Payment per $1000 = $5.92

5/1 ARM:  5.750%  (APR 5.885%).  Payment per $1000 = $5.84

5/1 ARM with 10 Year Interest Only:  5.875%  (APR 6.011%).  Payment per $1000 = $5.92

JUMBO (Non-Conforming) Rates.   Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).

30 Year Fixed: 6.250% (APR 6.380%).  Payment per $1000 = $6.16

30 Year Fixed with interest only payments: 6.250% (APR 6.386%).  Payment per $1000 = $5.21

40 Year Fixed:  6.375% (APR 6.513% ).  Payment per $1000 = $5.77

5/1 ARM:  6.000% (APR 6.128%).  Payment per $1000 = $6.00

5/1 ARM with 10 Year interest only payments: 6.00% (APR 6.134%).  Payment per $1000 = $5.00

Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.   For a specific strategy for your mortgage needs, contact a qualifed Mortgage Professional.