Friday’s Rates

Rhonda Porter on 03 14, 2008

I’m going to put on my thinking cap for how I’ll do future rate post…I’ll have to play around with this as rates are becoming more challenging to provide a broad quote. These are historic times and I’m glad to be experiencing this first hand…maybe I’m being positive because it’s Friday! :) Future rates may show: conforming, conforming-jumbo, jumbo, fha, fha-jumbo, va…it’s going to be interesting to say the least.

I also post rates on my mortgage blog. I try to post one in the morning and another in the afternoon since it’s no longer uncommon to have 3-5 rate changes during the day.

Don’t forget, the FOMC is scheduled to meet on Tuesday, March 18…if they reduce the funds rate, mortgage rates may increase as this is viewed as inflationary: good for your HELOC — bad for your unlocked mortgage rate.

Here are Friday’s rates…they may be no longer valid by the time I’ve posted them!

Sales price $500,000 with a conforming loan in the amount of $400,000. Taxes and insurance are included in the mortgage payment and the loan is “full doc” with a 45 day lock.

30 Year Fixed – Credit Scores 720 or better: 5.75% (APR 5.896%)

30 Year Fixed – Credit Scores 680 to 719: 5.875% (APR 6.023%)

30 Year Fixed with 10 Year Interest Only Payments – Credit Scores 680 or better: 6.125% (APR 6.258%)

15 Year Fixed – Credit Scores 680 or better: 5.000% (APR 5.166%)

Adjustable rate mortgages (ARMs) are currently not offering rates better than conforming fixed.

Sales price $625,000 with a non-conforming loan amount of $500,000. Taxes and insurance are included in the mortgage payment and the loan is “full doc” with a 45 day lock.

30 Year Fixed – Credit Scores 680 or better: 7.00% (APR 7.160%)

30 Year Fixed 10 Year Interest Only Payments – Credit Scores 720 or better: 7.125% (APR 7.273%)
30 Year Fixed 10 Year Interest Only Payments – Credit Scores 680 – 719: 7.500% (APR 7.654%)

10/1 ARM – Credit Scores 680 or better: 6.500% (APR 7.081%)

10/1 ARM Interest Only – Credit Scores 720 or better: 6.625% (APR 7.161%) –not available without ugly fees under 720.

5/1 ARM Credit Scores 680 or better: 6.000% (APR 7.191%)

5/1 ARM Interest Only Payments – Credit Scores 720 or better: 6.250% (APR 7.314%).


FHA/VA: 5.875% (APR 6.654%).

Rates are posted reflect those from 9:00 a.m. on Friday, March 14, 2008. Rates change constantly and rates posted are not guaranteed. Many factors will influence what your available interest rates are. Contact a Mortgage Professional in your area for a rate quote tailored for your personal scenario.

On St. Patty’s Day, it’s my understanding we may have more lenders rolling out their pricing for the jumbo-conforming and jumbo-FHA mortgages…stay tuned!

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 is a Licensed Loan Originator 510-LO-32047 (MLO-121324). Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). Inman News named Rhonda one of the Top 50 Online Influencers of 2009. She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker http://www.twitter.com/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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