Friday’s Rate Sheet

Rhonda Porter on 06 29, 2007

Rates are improved over last week based on stronger than expected economic reports that were released this morning following yesterday’s decision from the FOMC to keep the Prime Rate unchanged at 5.25%. The Core PCE and Chicago PMI came in better than anticipated indicating that inflation may calming down a bit.  Inflation has a negative impact on bonds so the mellow reports translates to improved mortgage rates for you and me. 

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied with minimum credit scores of 680 with an 80% loan to value or lower.  Rates quoted are priced based on a 45 day lock with 1 point and there are no prepayment penalties on any of the rates quoted below.   I’m including how much rates have changed since last Friday’s rate post (in parenthesis).

30 Year Fixed: 6.375% (APR 6.533%).  Payment per $1000 = $6.24 (improved 0.250%).

30 Year Fixed with 10 Year Interest Only:  6.500% (APR 6.667%).  Payment per $1000 = $5.42 (improved 0.250%).

40 Year Fixed:  6.625% (APR 6.789%).  Payment per $1000 = $5.94 (improved 0.125%).

7/1 ARM:  6.125%% (APR 6.281%).  Payment per $1000 = $6.08 (improved 0.125%).

5/1 ARM:  6.000%  (APR 6.144%).  Payment per $1000 = $6.00 (no change).

5/1 ARM with 10 Year Interest Only:  6.125%  (APR 6.270%).  Payment per $1000 = $5.10 (no change).

JUMBO (Non-Conforming) Rates.   Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).   

30 Year Fixed: 6.500% (APR 6.669%).  Payment per $1000 = $6.32. (improved 0.125%).

30 Year Fixed with interest only payments: 6.625% (APR 6.779% ).  Payment per $1000 = $5.52. (improved 0.125%).

40 Year Fixed:  6.625% (APR 6.781 %).  Payment per $1000 = $5.94 (improved 0.125%).

5/1 ARM:  6.000% (APR 6.155%).  Payment per $1000 = $6.00. (improved 0.125%)..

5/1 ARM with 10 Year interest only payments: 6.000% (APR 6.155%).  Payment per $1000 = $5.00.  (improved 0.125%)..

Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.    For loan amounts over $650,000, please contact me.

Note:  Ardell suggested that we close comments on Friday’s Rates…and so I am giving it a whirl.    The rates are being posted in order to provide information and to give you an idea of the direction mortgage interest rates are going.   By closing the comments, the rates are effectively becoming a memo or “rate sheet”.   So if you do have a comment for me regarding rates or mortgage questions simply contact me by visiting another one of my post or send me an email.

About the Author: Rhonda Porter

Rhonda Porter began her mortgage career on April 1, 2000 at Mortgage Master Service Corporation, a family-owned correspondent lender that has been lending in the Pacific Northwest for over 30 years. Prior to mortgage, she was in title industry for 14 years where she managed an escrow branch and gained an invaluable insight to the real estate industry. Rhonda Porter has a CMPS designation and is a Licensed Loan Originator 510-LO-32047. Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker (check at her Twitter @mortgageporter) and Sellsius 2007 Top 12 Women Real Estate Bloggers and 2007-2008 Maginficent 7 Consumer Articles. Rhonda originates mortgages for homes located in Washington State. You can reach Rhonda at rhonda@mortgageporter.com or by calling (206) 718-9488. NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages.

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