Friday’s Rates…are higher

Rhonda Porter on 07 6, 2007

This morning, the Job’s Report came in stronger than expected.  How does this impact your mortgage rates?  If it’s tougher for employers to hire (less unemployment) and the employers are forced to pay more in hourly wages for the same worker…guess what the employer needs to do in order to stay profitable?  Increase the cost of their product or service.  And what do mortgage bonds detest?  Inflation.  

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   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: 6.625% (APR 6.667%).  Payment per $1000 = $6.40 (increased 0.25%).

30 Year Fixed with 10 year interest only payments:  6.750%% (APR 6.896%).  Payment per $1000 = $5.63 (increased 0.25%)

40 Year Fixed:  6.750% (APR 6.899%).  Payment per $1000 = $6.03 (increased 0.125%)

7/1 ARM:  6.125%% (APR 6.281%).  Payment per $1000 = $6.08 (no change).

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: 6.625% (APR 6.779%).  Payment per $1000 = $6.40. (increased 0.125%).

30 Year Fixed with interest only payments: 6.750% (APR 6.906% ).  Payment per $1000 = $5.63. (increased 0.125%).

40 Year Fixed:  6.750% (APR 6.910 %).  Payment per $1000 = $6.03 (increased 0.125%).

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

5/1 ARM with 10 Year interest only payments: 6.125% (APR 6.275%).  Payment per $1000 = $5.10.  (increased 0.125%)

This is just a small sample available of rates and products.    For your personal rate quote or loan amounts over $650,000, please contact me.

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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