Typically I post interest rates for home loans every Friday...but Independence Day on Saturday, the markets and many offices (including Mortgage Master) will be closed so I'm providing you this rate update a little earlier than usual. Also a day earlier than the norm is the Jobs Report, which came in worse than expected. Bad economic news typically means that mortgage rates improve as investors pull funds from stocks to seek the safety of bonds, such as mortgage backed securities. We are seeing a slight improvement in our current rates from last week.
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 740 or higher unless otherwise noted. This scenario includes reserves (taxes & insurance)not being waived. Rates quoted are priced based on a 45 day lock with no prepayment penalties.
Refi's are requiring a 60 day lock and therefore, a rate-term refi is approx. 0.125% higher in rate or higher in fee (points)...cash out refi's are a whole other story with Fannie/Freddie price hits.
30 Year Fixed Priced w/1 Pt: 5.000% (APR 5.157%).
15 Year Fixed Priced w/1 Pt: 4.375% (APR 4.637%).
10/1 ARM 5/2/5 CAPS w/1 Pt: 4.625% (APR 5.885%).
7/1 ARM LIBOR 5/2/5 CAPS w/1 Pt: 4.500% (APR 6.277%).
5/1 ARM LIBOR 5/2/5 CAPS w/1 Pt: 3.875% (APR 6.389%) ~ priced with 0 points: 4.375% (APR 6.487%).
Conforming High Balance. 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 $625,000 and a $506,000 loan amount.
30 Year Fixed w/ 1 Pt: 5.125% (APR 5.381%)
Jumbo/Non-Conforming. I now have jumbo loans available up to 1 million. The quotes below are based on a loan amount of $650,000 with 80% loan to value and 740+ credit scores.
30 Year Fixed w/ 1 Pt: 6.125% (APR 6.369%)
7/1 ARM w/ 1 Pt: 5.875% (APR 6.926%)
5/1 ARM w/ 1 Pt: 5.375% (APR 6.947%)
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: 5.250% (APR 6.091%)
FHA 203(k) Rehab - Streamline. 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: 5.500% (APR 6.346%)
FHA-High Balance. Pricing based on 1 discount/origination point and loan amounts from $417,001 - $567,500 for King, Snohomish and Pierce Counties with credit scores of 660 or higher.
30 Year Fixed @ 1 Pt: 5.250% (APR 6.087%).
USDA Rural Housing. 100% financing subject to income and location of home (generally available in towns of 10,000 or less in a rural area).
30 Year Fixed @ 1 Pt: 5.500% (APR 5.828%)
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: 5.250% (APR 5.552%)
Prime Rate(what HELOCs are based on): 3.250%.
Rates are as of Thursday, July 2, 2009 at 1:00 p.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.
We are currently averaging several rate sheets per day in this volatile market with new rate sheets being issued about every 3 hours. For your personal rate quote with or without points, please contact me.
Most rates quotes above are priced with 1 point; 1 percent of the loan amount as an origination fee reflected a majority of the time on line 801 (line 808 in the rare event the mortgage is brokered and not closed in our credit line) of the Good Faith Estimate/HUD-1 Settlement Statement. Zero points means no points are paid or reflected on lines 801, 802 (Discount Points) or 808 of the GFE/HUD.
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