Rain City Guide

Friday’s Mortgage Interest Rate Update

Rhonda Porter on 08 29, 2008

The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt).   Overall, rates are slightly improved to unchanged and do continue to be volatile.

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 minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000.  This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no prepayment penalties on any of the rates quoted below.   

30 Year Fixed @ 1 Pt:  6.250% (APR 6.410%)  improved by 0.125% to rate. 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.500% (APR 6.648%) unchanged

15 Year Fixed @ 1 Pt: 5.625% (APR 5.880%) improved by 0.25% to rate. 

5/1 ARM – LIBOR @ 1 Pt:  6.000%  (APR 7.200%)  worse by 0.125% 

Conforming-Jumbo 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 $650,000 and a $520,000 loan amount.  NOTE: The Conforming-Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.250% (APR 6.499%) improved 0.125%.

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.750% (APR 6.896%) unchanged

5/1 ARM @ 1 Pt: 6.125% (APR 7.243%) unchanged

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).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000.

30 Year Fixed @ 1 Pt: 7.500% (APR 7.656%) improved 0.25% to rate. 

FHA.  Pricing based on credit score of 620 or better and loan amounts up to $362,790 for FHA in King, Snohomish and Pierce Counties.

30 Year Fixed @ 1 Pt: 6.375% (APR 7.158%) improved 0.125% to rate.   :)

FHA-Jumbo. Pricing based on loan amounts from $362,791 – $567,500 for King, Snohomish and Pierce Counties.  NOTE:  The FHA Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.375% (APR 7.133%) improved 0.125% to rate. 

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.  Contact your local Mortgage Professional for more information.

30 Year Fixed @ 1 Pt:  6.375% (APR 6.%) improved 0.125% to rate. 

Prime Rate (what HELOCs are based on):  5.000%  

This is just a small sample available of rates and products.  Rates are as of Friday, August 29, 2008 at 1:00 p.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.   To see live rate quotes for various scenarios, check out my Twitter.

About the Author: Rhonda Porter

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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.