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 4.906%). Priced w/0 Points: 4.875% (APR 4.388%)
15 Year Fixed w/1 Pt: 4.125% (APR 4.388%).
10/1 ARM 5/2/5 CAPS w/1 Pt: 4.125% (APR 5.580%).
7/1 ARM 5/2/5 CAPS w/1 Pt: 3.625% (APR 5.849%).
5/1 ARM 5/2/5 CAPS with 1 Point: 3.250% (APR 6.163%).
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 w/1 Pt: 4.875% (APR 5.024%).
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: 5.500% (APR 5.797%).
7/1 ARM 5/2/5 CAPS @ 1 Pt: 4.875% (APR 6.425%).
5/1 ARM 5/2/5 CAPS @ 1 Pt: 4.500% (APR 6.605%).
FHA. Pricing based on credit score of 660 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties. (Mid-credit scores 620-659 has a 0.25% hit to pricing).
30 Year Fixed @ 1 Pt: 4.875% (APR 5.515%).
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: 4.875% (APR 5.461%).
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 w/1 Pt: 4.875% (APR 5.185%).
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. Priced with 60 day lock.
30 Year Fixed w/1 Pt: 5.000% (APR 5.312%).
This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. *For purposes of this post: "1 point" is 1% of the loan amount and would be reflected on Page 2, Section A of the new Good Faith Estimate. Unless the rate is bought down; there are zero discount points referenced which would be reflected on Section A, Page 2 (Your Adjusted Origination Charges) of HUD's new Good Faith Estimate.
Rates are as of March 8, 2010 at 3:00 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.
