Friday’s Rates ala Ben and Bush

Rhonda Porter on 08 31, 2007

It continues to be very interesting preparing Friday Rate Quotes.   Programs and products availability continue to change due to either lenders[photopress:4_a_bush_20cowboy2.jpg,full,alignright] suspending certain products or pricing them out of the market.   In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding or purchasing them) leaving many loan orignators and mortgage brokers hanging in suspense.   I do hope that fellow mortgage brokers and correspondent lenders are taking names and will remember which major lenders have shown intregrity in this market and those who have not.

For all you Loan Originators who have been “pursuing wrong doing and fraud”, today President Bush warned “if you’ve been cheatin’ somebody, we’re gonna find you.”  Yee Haw!  I truly hope so and I hope he’s including consumers who have knowingly committed lender fraud.

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. 

Currently conforming ARMs are not offering a significant improvement to rate over fixed rate products (ARMS are still available, they are priced close to fixed rates).   Therefore, ARM rates are not reflected on this post.

30 Year Fixed: 6.125% (APR 6.281%).  Payment per $1000 = $6.08.

30 Year Fixed with 10 Year Interest Only:  6.500% (APR 6.653%).  Payment per $1000 = $5.42.

40 Year Fixed:  6.500% (APR 6.646%).  Payment per $1000 = $5.85.

FHA 30 Year Fixed:  6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI).

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).    10/1 Jumbo ARMs are offering the same rate as shorter term ARMs.

30 Year Fixed: 7.250% (APR 7.402%).  Payment per $1000 = $6.82. 

30 Year Fixed with interest only payments:  7.375% (APR 7.528%).  Payment per $1000 = $6.15.

10/1 ARM:  6.750%  (APR 7.906%).  Payment per $1000 = $6.48.

10/1 ARM with 10 Year Interest Only:  7.750%  (APR 6.906%).  Payment per $1000 = $5.63.

This is just a small sample available of rates and products.  Rates are as of 9:00 a.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.  For your personal rate quote or for 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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