Rates BEFORE the Rescue Vote

What do you get when you combine:

• Jobs Report revealing the 9th straight month of job losses with 159,000 jobs lost vs. the anticipated 105,000 jobs lost. (Bad for stocks, good for bonds/mortgage rates).
• The rescue bill is moments from being voted on by the House.  Stocks are rallying with the expectation of the bill passing this time. (Stock rally = bad for bonds/mortgage rates).
• Anticipation that the FOMC may drop rates.  Although the Fed does not directly control mortgage interest rates, their actions impact the directions rates trend.  Lowering of the Fed Funds rate is viewed as inflationary which negatively impacts bonds (and mortgage interest rates).

At this moment, rates are pretty much unchanged.  However, we have experiencing several rate changes per day.   I will be posting rates this afternoon at Rain City Guide and will provide a link here once that post is complete.   You can always see what rates I'm quoting "live" by clicking 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: 6.250% (APR 6.314) ~ Priced w/1 Pt:  5.875% (APR 6.029%). 

30 Year Fixed with 10 Year Interest Only @ 0 Priced at 6.750% (APR 6.810) ~ Priced @ 1 Pt:  6.375% (APR 6.520%).

15 Year Fixed @ 0 Pts: 6.000% (APR 6.101%) ~ Priced @ 1 Pt: 5.500% (APR 5.753%).

5/1 ARM priced @ 1 Pt:  5.875% (APR 7.135%)

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:  6.500% (APR 6.557%) ~ Priced @ 1 Pt: 6.000% (APR 6.148%).

30 Year Fixed with 10 Year Interest Only ~ Priced @ 1 Pt: 7.375% (APR 7.529%).

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:  7.750% (APR 7.915%)

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:  6.250% (APR 6.933%). 

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: 6.625% (APR 7.312%).

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:  6.375% (APR 6.497%).

Prime Rate (what HELOCs are based on):  5.000%.  This is just a small sample available of rates and products. 

Rates are as of Friday, October 3, 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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