This morning's Job's Report figure blew away expectations coming in more than double what was anticipated (166,000 new jobs vs 80,000). Normally a strong Job's Report (indicating possible inflation) would cause mortgage interest rates to increase. However with our current market, investors are now betting that the Fed will not cut rates at their next meeting in December. Mortgage bonds react negatively to inflation, so this is good news for mortgage interest rates. Instead of rates increasing from the economic data today, they're essentially the same as what I posted last week.
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: 5.990% (APR 6.129%). Payment per $1000 = $5.99.
30 Year Fixed with 10 Year Interest Only: 6.250% (APR 6.263%). Payment per $1000 = $5.10.
40 Year Fixed: 6.375% (APR 6.517%). Payment per $1000 = $5.77.
5/1 ARM (2/2/6 caps): 5.500% (APR 7.015%). Payment per $1000 = $5.68.
5/1 ARM 10 Year Interest Only Payments: 5.625% (APR 7.101%). Payment per $1000 = $4.69.
FHA/VA 30 Year Fixed: 6.375% (APR 7.020%). Payment per $1000 = $6.24. (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: 6.500% (APR 6.669%). Payment per $1000 = $6.32.
30 Year Fixed with 10 Year Interest Only Payments: 6.625% (APR 6.769%). Payment per $1000 = $5.52.
5/1 ARM: 6.125% (APR 7.254%). Payment per $1000 = $6.08.
5/1 ARM Interest Only: 6.125% (APR 7.278%). 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. Rates are as of Friday, November 2, 2007 at 9:30 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.
