Here’s a question for you… for conventional rates, which credit score bracket should I use for pricing: 740 and higher or 720-739? With exception to the FHA/VA rates, I’m currently using 720-739. If our readers would prefer 740 and higher, I’m happy to adjust my Friday Rate updates…just comment here and let me know what you prefer.
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 single family dwelling (non condo). 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%). Coincidently the same rate as last Friday’s post.
30 Year Fixed @ 1 Pt with mid-credit scores of 740 or higher: 4.875% (APR 5.011)
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.
30 Year Fixed @ 1 Pt: 5.500% (APR 6.179%).
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): 1.92250% per WSJ.
This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. Rates are as of Friday, January 30, 2009 at 2:00 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.