Update 1:45 pm: I've posted afternoon rates at Rain City Guide.
New to Friday Rates: I've added the current rate for the 12 month LIBOR and a rate quote for non-owner occupied property. During this week, I've quoted or locked rates for conforming 30 year fixed priced with 1 point anywhere from 5.625% (apr 5.818) to today's rate of 6.00% (apr 6.458%). You can keep closer tabs on what rates are doing by following what I'm quoting live--just click here.
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. Rates are priced based on a low-mid credit score from 720-739. This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 45 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: 6.375% (APR 6.438%) ~ Priced w/1 Pt: 6.000% (APR 6.155%).
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.000% (APR 7.155%).
15 Year Fixed @ 0 Pts: 6.125% (APR 6.%) ~ Priced @ 1 Pt: 5.625% (APR 6.%).
5/1 ARM @ 1 Pt: 6.125% (APR 7.236%)
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 6.434%) ~ Priced @ 1 Pt: 6.000% (APR 6.151%).
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 @ 1 Pt: 8.000% (APR 8.168%)
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: 6.500% (APR 7.191%).
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. After December 31, 2008, loan limits for FHA Jumbo loans will be reduced to $522,100.
30 Year Fixed @ 1 Pt: 6.750% (APR 7.438%).
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: 6.625% (APR 6.750%).
Non-owner Occupied/Investment Property. Pricing based on 25% down payment with $400,000 sales price with low-mid credit scores of 720-739.
30 Year Fixed @ 1 Pt: 7.25% (APR 7.434%)
Prime Rate (what HELOCs are based on): 4.500%. Note: The FOMC is scheduled to meet on October 28-29, 2008.
12 Month LIBOR (what a majority of ARMS are based on): 3.509%
Rates are as of Friday, October 24, 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.
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