Interest Rates following the Jobs Report
Rhonda Porter on 09 5, 2008
A dismal Jobs Report with the highest unemployment in 5 years and revisions for the worse to previous reports isn’t much to 
about…unless you’re in the market for a new mortgage. This bad news for the economy translates to improved mortgage interest rates. Currently (at the time of this post) I’m on my second rate sheet from many of the lenders I work with and day is not over yet and rates continue to be very volatile.
On a side note, let me know if you prefer the arrows (as shown today) or the smile/frown faces to indicate the change in rate from my Friday postings.
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 45 day lock with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Pt: 6.000% (APR 6.155%) 
0.25% to rate
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 6.375% (APR 6.520%) by 0.125%
15 Year Fixed @ 1 Pt: 5.500% (APR 5.649%) by 0.125%
5/1 ARM – LIBOR @ 1 Pt: 5.625% (APR 7.050%) by 0.375%
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: 6.125% (APR 6.273%) by 0.125%
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 6.500% (APR 6.639%) by 0.25%
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: 7.250% (APR 7.409%) by 0.125%
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: 6.125% (APR 6.931%) by 0.25%
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: 6.250% (APR 7.009%) by 0.125%
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: 6.125% (APR 6.444%) by 0.25%
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, September 5, 2008 at 12:00 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
- Author's website: http://www.mortgageporter.com
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Thanks for all your work Rhonda, I look forward to your weekly writeup.. I think the arrows are much easier to follow then the smiley faces .
I think you should have arrows for small movements, but add Smiley faces and sad faces as “commentary” for major movements. Then we will be sure not to miss a major event!
Thanks, Everett_Tom. Ardell, what do you consider a major movement? 0.25? 0.375? 0.5?
I like Ardell’s idea. Either that our double arrows for larger movements.
Hey, colored arrows! Yay!
The Tim, I’m soooo glad you noticed!
Thanks again for the suggestion.
Where’s the tutorial on how to make arrows?
Ardell, the arrows are just jpgs that The Tim provided. He did give me html-code too…and I’m very flattered that he thought I’d have a clue on what to do with that!
I had an easier time uploading the arrows (photos) from my pc to RCG this time (knock on wood FAST).
Rhonda,
It’s like when I do something in CAPS. If it excites you or makes you go Holy Crap! Then you use the smiley face and sad face, respectively. You have to be the judge of when that happens
I’d agree that the arrows are much easier to read and make it clearer what the rates are doing. A smiley at the end of nice mortgage rate decreases works but is not necessary – we’ll be smiling at the rates already.
Also, if you can, I would suggest putting the rates into a table – that would make them even easier to read (if your blog entry editor allows it – many do).
Gene, the table could take some work…Dustin–if we can do that, please let me know.
Currently, preparing rates takes about an hour (if I’m lucky and I don’t have rates changing before I’m done). I’m not an excel expert.
We can definitely figure out tables if you want to do that. A long time ago, I set up a template to do that. I’ll dig it up and get it to you soon!
Rhonda: I just published an example of a table and saved it as a draft post title “Mortgage Table Test” that you should be able to edit.
Thanks Dustin, I’ll check it out.
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