Rates on a Freaky Freddie/Fannie Friday

Update 2:00 pm: I have posted rates at Rain City Guide.  Conforming rates have increased by approx. 0.125% today with a very volatile market.

Mortgage rates are improved by about 0.25% over last week with record high oil, increased tensions in the Middle East and rumors of the GSE's (Fannie Mae and Freddie Mac) getting a Government bailout.  Investors are seeking the safety of bonds (such as mortgage backed securities) and mortgage rates are reflecting that.

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 a sales price of $500,000 and a loan amount of $400,000.  This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no origination or discount points (for your personal rate quote with or without points, please contact me) and there are no prepayment penalties on any of the rates quoted below. 

30 Year Fixed @ 0 Pts:  6.250% (APR 6.314%) ~ Priced @ 1 Pt: 5.99% (APR 6.140%)

30 Year Fixed with 10 Year Interest Only @ 0 Pts: 6.375%  (APR 6.428%).

15 Year Fixed @ 0 Pts: 5.750% (APR 5.840%)

5/1 ARM - LIBOR @ 0 Points: 5.625% (APR 6.955%).  Priced @ 1 Point: 5.375% (APR 6.952%)

Conforming-Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $567,500 for properties in King, Snohomish or Pierce Counties.  (For other conforming-jumbo loan limits in Washington state, click here); specifically priced for a sales price of $650,000 and a $520,000 loan amount.

30 Year Fixed @ 0 Pt:  6.375% (APR 6.468%)   

30 Year Fixed with 10 Year Interest Only @ 0 Pts:  6.750% (APR 6.935%) 

5/1 ARM - LIBOR @ 0 Pt:  5.625% (APR 6.947%) ~ Priced at 1 Pt: 5.375% (APR 6.943%)

JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above (zero points), with the exception that the loan amount is $417,001-$650,000 (20% down).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000.

30 Year Fixed @ 0 Pt:  7.750% (APR 7.810%)

30 Year Fixed @ 1 Pt:  7.250% (APR 7.409%)

FHA.  Pricing based on credit score of 620 or better and loan amount of $362,790 for FHA in King, Snohomish and Pierce Counties with 1 discount/origination point.

30 Year Fixed @ 1 Pt:  6.125% (APR 6.907%). 

FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  For other loan limits in Washington State, click here. 

30 Year Fixed @ 1 Pt: 6.250% (APR 7.035%)

VA. Pricing based on credit scores of 620 or better based on loan amount of $417,000.   For VA loan amounts over $417,000, please contact me.

30 Year Fixed @ 1 Pt:  6.125% (APR 6.444%)

Prime Rate (what HELOCs are based on):  5.000%

Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.  These programs all have the same closing costs so you can see APR is not a valuable tool.   

This is just a small sample available of rates and products.  Rates are as of Friday, July 11, 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. 

Mortgage rates continue to be very volatile.  Stay tuned with what's going on in the market by subscribing to Mortgage Porter (upper left corner) and Mortgage Porter Twitter for live rate updates (click Follow).