Rain City Guide

Rates for Friday Afternoon

Rhonda Porter on 11 7, 2008

Mortgage rates are much improved since what I posted last week.  Wednesday and Thursday were rough on the markets as traders braced (and rightly so) for a stinky Jobs Report.  Bad news typically (but not always these days) equals lower rates.  

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 mid-low credit score of 720-739, “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: 5.875% (APR 6.029%)  0.25% to rate

30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.000% (APR 7.155%).  0.125% to rate

15 Year Fixed @ 1 Pt: 5.500%  (APR 5.753%) 0.50% to rate

5/1 ARM – LIBOR @ 1 Pt:  5.500%  (APR 7.000%)   0.50% to rate

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.  

30 Year Fixed @ 1 Pt: 6.125% (APR 6.271%)  0.50% 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 7.064%)  0.25% to rate

FHA-Jumbo. Pricing based on loan amounts from $362,791 – $567,500 for King, Snohomish and Pierce Counties.  

30 Year Fixed @ 1 Pt:  Pt: 6.625% (APR 7.310%)  0.75% 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.  

30 Year Fixed @ 1 Pt:  6.375% (APR 6.497%) 0.25% to rate

Non-owner occupied/Investment Property.  Pricing based on 25% down payment with a $400,000 sales price and credit scores between 720-739.

30 Year Fixed @ 1 Pt:  7.125% (APR 7.307%).  0.125% to rate

Prime Rate (what HELOCs are based on):  4.00%    0.50%

12 Month LIBOR (what a majority of ARMs are based on): 2.84125% per WSJ.   0.44% change compared to last Friday’s rate post.

This is just a small sample available of rates and products.  Rates are as of Friday, November 7, 2008 at 1:00 p.m. and may change at any time.  Available programs may change at anytime as well.    Check out RCG’s new Mortgage Info page for live rate quotes via my Twitter feed.

This is not a guarantee nor is it a commitment of interest rate.

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.