Mortgage rates continue to be very volatile. This morning's Jobs Report was the worst in 4 years reporting a net loss of 17,000 jobs instead of the expected gain of 70,000 jobs. During this past week, I've seen rate changes swing a half point in one day and many borrowers who almost seem to enjoy "gambling" with their rate or relying on non-mortgage professionals to make their financial decisions. It's befuddling! My motto is to "lock it or lose it".
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: 5.375% (APR 5.523%). Payment per $1000 = $5.60. (0.375% improvement).
30 Year Fixed with 10 Year Interest Only: 5.750% (APR 5.886%). Payment per $1000 = $4.79.
15 Year Fixed: 4.750% (APR 4.993%). Payment per $1000 = $7.78.
40 Year Fixed: 5.750% (APR 5.878%). Payment per $1000 = $5.33.
7/1 ARM (5/2/5 caps - 2.25 margin): 4.875% (APR 6.427%). Payment per $1000 = $5.29.
7/1 ARM 10 Year Interest Only Payments (5/2/5 caps - 2.25 margin): 5.000% (APR 6.552%). Payment per $1000 = $4.17.
FHA/VA 30 Year Fixed: 5.625% (APR 6.154%). Payment per $1000 = $5.76. (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: 6.375% (APR 6.530%). Payment per $1000 = $6.24.
30 Year Fixed with 10 Year Interest Only Payments: 6.500% (APR 6.642%). Payment per $1000 = $5.42.
5/1 ARM (5/2/5 caps - 2.25 margin): 5.500% (APR 6.995%). Payment per $1000 = $5.68.
5/1 ARM Interest Only: 5.500% (APR 7.063%). Payment per $1000 = $4.58.
Prime Rate (what HELOCs are based on): 6.00%
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, February 1, 2008 at 8:00 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.
