Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as you’ll see by the red arrows. You’ll notice conventional rates increasing soon (next week) for condos and other types of transactions such as cash-out refinances, when Fannie and Freddie’s new hits are in effect. Some lenders are all ready factoring these adds. CONDO OWNERS/BUYERS: TODAY COULD BE YOUR LAST CHANCE TO AVOID THE 0.75% HIT TO FEE for LTV’s greater than 75% and amortization longer than 15 years. The 0.75% add to fee is nasty when you try to absorb it with rebate pricing–when the spread is still significant.
The bond market will be closed on Monday in honor of the Martin Luther King holiday.
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: 5.000% (APR 5.138%) 0.25% to rate from last Friday’s rate post. Note: 30 Year Fixed @ 0 Pt: 5.625% (APR 5.678)
Conforming 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.
FHA. Pricing based on credit score of 620 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties.
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $506,000 for King, Snohomish and Pierce Counties.
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.
Prime Rate (what HELOCs are based on): 3.25%
12 Month LIBOR (what a majority of ARMs are based on): 1.77125% per WSJ.
This is just a small sample available of rates and products. Rates are as of Friday, January 16, 2009 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.
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