Jumbos and ARMs are returning to the market with better pricing than before. Conforming fixed rates are higher over last week's quoted rates. This following the Fed's move on Tuesday and yesterday's testimony to the House by Ben Bernanke and group and a huge rally in the stock market. Yesterday, many lenders issued 4 price changes (to the worse). Rates and products change constantly during these volatile times in the mortgage industry. I recommend locking your mortgage rate and program as well as getting preapproved as soon as possible when considering obtaining a mortgage.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied, "full doc" with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000. 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 6.392%). Payment per $1000 = $6.16.
30 Year Fixed with 10 Year Interest Only: 6.500% (APR 6.653%). Payment per $1000 = $5.42.
40 Year Fixed: 6.625% (APR 6.771%). Payment per $1000 = $5.68.
5/1 ARM (2/2/6 caps): 6.000% (APR 7.168%). Payment per $1000 = $6.00.
5/1 ARM 10 Year Interest Only Payments: 6.125% (APR 7.289%). Payment per $1000 = $5.10.
FHA/VA 30 Year Fixed: 6.500% (APR 7.118%). Payment per $1000 = $6.32 (not including MI for FHA).
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: 7.125% (APR 7.798%). Payment per $1000 = $6.74.
30 Year Fixed with interest only: 7.250% (APR 7.929%). Payment per $1000 = $6.04.
5/1 ARM: 6.500% (APR 7.407%). Payment per $1000 = $6.32.
5/1 ARM Interest Only: 6.500% (APR 7.402%). Payment per $1000 = $5.42.
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. Rates are as of Friday, September 21, 2007 at 8:15 a.m. and may change at any time. Available programs may change at anytime as well. This is not a guarantee nor is it a commitment of interest rate. For your personal rate quote or for loan amounts over $650,000, please contact me.
