Mortgage Rates...what a rollercoaster!

After a roller coaster week with rates for the 30 Year dipping to 4.875% and popping  up to 5.50% all in two days...rates are back to where they were last Friday with the exception of non-conforming (jumbo) rates which are significantly higher.   Next week, the drama will continue...as always, I advise locking your rates and not floating during this volatile market.  Rates have been changing so quickly, what I'm posting now may not be applicable by the time I hit "publish".

UPDATE January 25, 2008 12:00 p.m.:  Rates are slightly improved and are posted at Rain City Guide.

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" purchase 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: 5.500% (APR 5.649%).  Payment per $1000 = $5.68. 

30 Year Fixed with 10 Year Interest Only:  5.875% (APR 6.029%).  Payment per $1000 = $4.90.

15 Year Fixed:  5.000% (APR 5.234%).  Payment per $1000 = $7.91.

40 Year Fixed:  6.125% (APR 6.252%).  Payment per $1000 = $5.56.

7/1 ARM (5/2/5 caps - 2.25 margin):  5.125% (APR 6.543%).  Payment per $1000 = $5.44.  (Note:  5/1 ARM offers the same rate).

5/1 ARM 10 Year Interest Only Payments (5/2/5 caps - 2.25 margin):  5.125% (APR 6.903%).  Payment per $1000 = $4.27.

FHA/VA 30 Year Fixed:  5.750% (APR 6.279%).  Payment per $1000 = $5.84. (not including upfront and monthly 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 6.908%).  Payment per $1000 = $6.49. (increased 0.50% in rate from Wednesday, January 23, 2008).

30 Year Fixed with 10 Year Interest Only Payments: 6.875% (APR 7.021%).  Payment per $1000 = $5.73. (increased 0.50% to rate).

7/1 ARM (5/2/5 caps - 2.25 margin):  5.375% (APR 6.670%).  Payment per $1000 = $6.08.

7/1 ARM Interest Only:  5.500% (APR 6.781%).  Payment per $1000 = $4.58.

HELOCs - Prime Rate:  6.5%

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, January 25, 2008 at 8:30 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.