We are in a low mortgage rate environment right now...with that said, it's rumored that by as early as this Monday, lenders will start to implement new "adds" that will increase certain mortgage rates. These are the lowest rates that I've seen in my twenty+ years in the real estate industry...there are a few strings attached for qualifying...but you won't know unless you inquire!
The spread between loans priced with a point and without a point is still higher than the "norm" of 0.25% in rate for 1% in fee. Lenders are not providing the typical rebate pricing that would allow loans to be priced at zero points or "no cost".
How can you stay informed of what I'm currently quoting Washington State home owners? Follow me on Twitter (you can "un-follow" when ever you want).
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 30 day lock with no prepayment penalties. For your personal rate quote with or without points, please contact me.
30 Year Fixed Priced w/1 Pt: 4.750% (APR 4.885%) ~ priced with 0 points: 5.250% (APR 5.300%).
15 Year Fixed Priced w/1 Pt: 4.375% (APR 4.605%).
Conforming Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.
30 Year Fixed @ 1 Pt: 5.125% (APR 5.258%).
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $506,001-$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: 7.375% (APR 7.532)
FHA. Pricing based on credit score of 620 or better and loan amount of $417,000 for FHA in King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.673%).
FHA-High Balance. Pricing based on 1 discount/origination point and loan amounts from $417,001 - $506,000 for King, Snohomish and Pierce Counties. NOTE: 2009 FHA loan limits are posted here for Washington state.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.668%).
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: 5.375% (APR 5.107%).
Prime Rate(what HELOCs are based on): 3.250%.
12 Month LIBOR (what a majority of ARMS are based on): 1.92500% as posted in the Wall Street Journal.
Rates are as of Friday, January 9, 2009 at 10:30 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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