Following the tragedy in Pakistan with the assassination of Benazir Bhutto, mortgage backed securities are becoming a safe haven for investors as they seek a "flight to quality". World events such as this which causes political uncertainty impact mortgage rates which is why it's difficult to predict where rates will be in the future. Mortgage rates during the week had bumped up and due to the recent events, they're back around to what I posted last Friday.
December 31, 2007, many offices, including Mortgage Master, will be closing early and January 1, 2008 is a holiday. Should you wish to lock in your mortgage interest rate, please do so today or be prepared to wait until January 2, 2008. 2007 has been a historic year in the mortgage industry and I am really looking forward to what 2008 may bring. Happy New Year!
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied, "full doc" with minimum credit scores of 680 with an 80% loan to value or lower, a loan amount of $400,000, and with reserves (taxes & insurance) not being waived. 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: 5.875% (APR 6.021%). Payment per $1000 = $5.92.
30 Year Fixed with 10 Year Interest Only: 6.125% (APR 6.256%). Payment per $1000 = $5.10.
40 Year Fixed: 6.375% (APR 6.512%). Payment per $1000 = $5.86.
5/1 ARM (2/2/6 caps): 5.625% (APR 7.065%). Payment per $1000 = $5.76.
5/1 ARM 10 Year Interest Only Payments: 5.750% (APR 7.148%). Payment per $1000 = $4.79.
FHA/VA 30 Year Fixed: 6.1250% (APR 6.779%). Payment per $1000 = $6.08. (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 7.027%). Payment per $1000 = $5.73.
5/1 ARM: 6.375% (APR 7.356%). Payment per $1000 = $6.24.
5/1 ARM Interest Only: 6.375% (APR 7.374%). Payment per $1000 = $5.31.
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, December 28, 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.
