Mortgage Interest Rates: 30 Year Under 6%!

Mortgage interest rates are all reading hedging on a rate cut by the Fed on December 11th based on comments Ben Bernanke made yesterday.  If the Fed does not deliver what traders are anticipating (dropping rates too much or not all), rates will dramatically react.   All eyes will be on the Jobs Report next Friday which historically has a huge impact on mortgage rates.   As always, I recommend locking your mortgage interest rates.  Especially considering the rally we have currently in the stock markets.  Why not take advantage of the current low rates instead of gambling your mortgage payment?

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: 5.625% (APR 5.761%).  Payment per $1000 = $5.76.

30 Year Fixed with 10 Year Interest Only:  6.000% (APR 6.137%).  Payment per $1000 = $5.00. 

40 Year Fixed:  6.125% (APR 6.263%).  Payment per $1000 = $5.59.

5/1 ARM (2/2/6 caps):  5.625% (APR 5.761%).  Payment per $1000 = $5.76.

5/1 ARM 10 Year Interest Only Payments:  5.750% (APR 5.886%).  Payment per $1000 = $4.79. 

FHA/VA 30 Year Fixed:  6.000% (APR 6.654%).  Payment per $1000 = $6.00. (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: 6.750% (APR 6.901%).  Payment per $1000 = $6.49.

30 Year Fixed with 10 Year Interest Only Payments: 6.875% (APR 7.026%).  Payment per $1000 = $5.73.

5/1 ARM:  6.250% (APR 6.396%).  Payment per $1000 = $6.16.

5/1 ARM Interest Only:  6.250% (APR 6.396%).  Payment per $1000 = $5.21.

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 29, 2007 at 9:00 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.