Last Mortgage Rate Update of 2008

Rhonda Porter on 12 26, 2008

Mortgage rates are essentially unchanged from what I posted here last week.   We have a modest improvement for 30 year fixed conforming, which is barely back under 5% with 1 point.  Lenders continue to price mortgages without attractive rebate causing scenarios priced with zero points or “no closing cost” to not pencil out.  I’m anticipating that we may stay in this “rate funk” until Obama is in office. 

Since this is my last rate post for 2008, I thought I’d include what I quoted a year ago on December 28, 2007.   We didn’t have jumbo-conforming or high-balance loans a year ago.   30 year fixed conforming, I quoted 5.875% w/1 pt (apr 6.012) and FHA was at 6.125% (apr 6.779).   Happy New Year!

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 30 day lock with no prepayment penalties on any of the rates quoted below.   

30 Year Fixed @ 1 Pt: 4.875% (APR 5.0111%)  0.125% to rate from last Friday’s rate post.  

15 Year Fixed @ 1 Pt: 4.625%  (APR 4.745%) 

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%) 

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%).  Unchanged from last week’s quote.  

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%  

12 Month LIBOR (what a majority of ARMs are based on): 2.09125% per WSJ.  

This is just a small sample available of rates and products.  Rates are as of Friday, December 26, 2008 at 10:00 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

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.

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