This mornings Jobs Report was ugly. 240,000 non-farm jobs lost in October (higher than the expected 200,000) and unemployment at 6.5%. Equally bad are the revisions to August and September's figures reflecting additional losses of 179,000 jobs. Normally this bad news would improve mortgage interest rates. "Normal" has been thrown out the window! The losses in the stock market over the last two days may have been traders all ready anticipating worse than expected job losses. It's all ready been baked in the cake. Rates are overall improved from what I quoted here last week.
Mortgage Rates Week in Review - based on what I've quoted on Twitter (using the same conforming price criteria below) ranged from 5.875% - 6.375% w/1 orig/discount point.
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: 6.125% (APR 6.060%) ~ Priced w/1 Pt: 5.875% (APR 6.029%).
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.000% (APR 7.155%).
15 Year Fixed @ 0 Pts: 5.875% (APR 5.975%) ~ Priced @ 1 Pt: 5.500% (APR 5.753%).
5/1 ARM - LIBOR 5/2/5 Caps/2.25 Margin @ 1 Pt: 5.500% (APR 7.000%)
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; specifically priced for a sales price of $650,000 and a $520,000 loan amount. NOTE: Conforming Jumbo loan limits for 2009 were announced this morning.
30 Year Fixed @ 0 Pt: 6.500% (APR 6.553.%) ~ Priced @ 1 Pt: 6.125% (APR 6.271%).
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 7.913%)
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: 6.375% (APR 7.064%).
FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 6.625% (APR 7.310%).
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%).
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: 7.125% (APR 7.307%)
Prime Rate (what HELOCs are based on): 4.000%.
12 Month LIBOR (what a majority of ARMS are based on): 2.84125%
Rates are as of Friday, November 7, 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.
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