This week is packed with economic data that can impact the direction of mortgage interest rates. Here's a quick snapshot of potential market movers:
Monday, November 2: Pending Home Sales and ISM Index (both came in better than anticipated).
Wednesday, November 3: ADP National Employment Report and the FOMC MeetingFriday, November 6: The Jobs Report...will we 10% unemployment reported for October?
I post live rate quotes from area home buyers whether they're buying a home in Bellevue or refinancing in Tacoma--I share the live rate quote on Twitter. You can follow me and unfollow me whenever you wish...and it's FREE!
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 30-40 day closing with no prepayment penalties on any of the rates quoted below.
30 Year Fixed w/1 Point*: 4.750% (APR 4.904%).
15 Year Fixed w/1 Pt: 4.250% (APR 4.511%).
10/1 ARM 5/2/5 CAPS w/1 Pt: 4.250% (APR 5.656%).
7/1 ARM 5/2/5 CAPS w/1 Pt: 3.875% (APR 5.959%).
5/1 ARM 5/2/5 CAPS with 1 Point: 3.375% (APR 6.205%).
Conforming High Balance Rates. Pricing is based on the same criteria above 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 $500,000 loan amount.
30 Year Fixed @ 1 Pt: 4.875% (APR 5.021%).
Jumbo/Non-Conforming. Loan amounts up to 1 million for ARMs and 1.5 million for the 30 year fixed. The quotes below are based on 740 or higher credit scores with 80% loan to value with a loan amount of $650,000.
30 Year Fixed at 1 point: 6.125% (APR 6.268%).
7/1 ARM 5/2/5 CAPS @ 1 Pt: 5.250% (APR 6.609%).
5/1 ARM 5/2/5 CAPS @ 1 Pt: 4.625% (APR 6.654%).
FHA. Pricing based on credit score of 620 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.984%).
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 - $567,500 for King, Snohomish and Pierce Counties with a 660 or higher mid-credit score.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.631%).
FHA 203 (k) Rehab-Streamline. Pricing criteria same as FHA above with loan amounts up to $417,000. This scenario is based on a $400,000 base loan amount.
30 Year Fixed @ 1 Pt: 5.250% (APR 5.999%).
VA. Pricing based on credit scores of 620 or better based on loan amounts up to $417,000. VA loan amounts over $417,000 are also available.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.285%).
USDA Rural Housing. 100% financing with income limits and properties must be located within a specific area (this program is generally available in rural towns with populations of 10,000 or less). For eligibility, click here.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.321%).
Prime Rate (what HELOCs are based on): 3.25%
This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. New rate sheets are currently issued around every 4 hours. I actually received a rate sheet from one of the lenders we work with informing me of a price improvement just prior to publishing this post so these rates may or may not be accurate (sometimes the price changes are very slight).
*For purposes of this post: "1 point" is 1% of the loan amount and would be reflected in line 801 or 808 (depending on whether the loan is brokered or not). Unless the rate is bought down; there are zero discount points referenced which would be reflected on line 802 of the GFE/HUD-1 Settlement Statement. Zero points means no points are paid on lines 801, 802 or 808 (this applies to all rates quoted on this post).
Rates are as of November 2, 2009 at 2:00 p.m. and may change at any time. Available programs may change at anytime as well. To see rates that I'm quoting "live" click here.
