Mortgage Rates
Rhonda Porter on 12 19, 2008
Mortgage rates are slightly improved from last Friday’s rates by about 0.125% across the board…this is bittersweet news since the 30 year fixed is actually up around a half point to rate from Wednesday morning. Borrowers who were able to make the decision to lock now have record low rates. Congrats! I do think rates will continue to bounce around quite a bit with the Fed’s move to purchase mortgage backed securities and agency debt…the question is to homeowners, what rate will it take for you to refinance and/or is there a mortgage rate low enough that would entice you to buy?
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: 5.000% (APR 5.143%) 
0.125% to rate
15 Year Fixed @ 1 Pt: 4.625% (APR 4.745%) 0.125% to rate
Conforming-Jumbo/High Balance Rates. Pricing is based on the same criteria above except where the loan amount is $417,001 – $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.
30 Year Fixed @ 1 Pt: 5.250% (APR 5.329%) 0.125% 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: 5.375% (APR 6.052%)
FHA-Jumbo/High Balance. Pricing based on loan amounts from $362,791 – $506,000 for King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 5.875% (APR 6.553%)
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: 5.375% (APR 5.486%).
Prime Rate (what HELOCs are based on): 3.25% 0.75%
12 Month LIBOR (what a majority of ARMs are based on): 2.09875% per WSJ.
This is just a small sample available of rates and products. Rates are as of Friday, December 19, 2008 at 9:00 a.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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