What happened yesterday that caused me to issue an Alert to Lock? New Zealand raised their interest rates unexpectedly due to their improving economy and to hedge inflation causing quite a reaction from investors and significant increases to mortgage interest rates (bonds) throughout the day. Conforming rates are up 0.25% from last Friday's rate quote.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied with minimum credit scores of 680 with an 80% loan to value or lower. 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: 6.500% (APR 6.648%). Payment per $1000 = $6.32
30 Year Fixed with 10 Year Interest Only: 6.625% (APR 6.775%). Payment per $1000 = $5.52
40 Year Fixed: 6.625% (APR 6.775%). Payment per $1000 = $5.94
7/1 ARM: 6.125%% (APR 6.270% ). Payment per $1000 = $6.08
5/1 ARM: 6.000% (APR 6.144%). Payment per $1000 = $6.00
5/1 ARM with 10 Year Interest Only: 6.125% (APR 6.270%). Payment per $1000 = $5.10
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: 6.500% (APR 6.653%). Payment per $1000 = $6.32
30 Year Fixed with interest only payments: 6.500% (APR 6.653% ). Payment per $1000 = $5.42
40 Year Fixed: 6.625% (APR 6.779%). Payment per $1000 = $5.94
5/1 ARM: 6.125% (APR 6.274%%). Payment per $1000 = $6.08
5/1 ARM with 10 Year interest only payments: 6.125% (APR 6.274%). Payment per $1000 = $5.10
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 qualified Mortgage Professional.
Rates are as of 7:30 a.m. PST and may very well change throughout the day.
