Rain City Guide

Friday’s (Not Yet) Stimulated Mortgage Rates

Rhonda Porter on 02 6, 2009

photo credit "SIR: Poseyal Desposyni Poet's flickr photos

This morning’s Jobs Report revealed that January we lost 598,000 non-farm payroll jobs.   This is the worst monthly loss since December 1974.  There were also downward revisions made to November and December.   The unemployment rate was reported at 7.6%.   Many experts feel the actual effective unemployment rate is much larger (around 13-14%) if  you factor in folks who are working part time or who are commission–like many real estate agents and mortgage originators.   Typically this type of bad news would cause mortgage rates to improve–however it seems as though the markets have become sadly comfortable and are shrugging this off.

The big news is the stimulus….well, we’re still waiting.  I was stalling on posting rates today with hopes that we’d hear if the bill was passed. 

This week I’ve adjusted how I’m pricing conventional mortgage rates–rates reflected below are based on mid credit scores of 740 or higher.  If your low mid-credit score is 739,  your rate is higher at an 80% loan to value.  You can see the latest hits to rate by clicking here.   I’m am factoring this price adjustment with the arrows.

This does not impact FHA or VA loans which I have priced based on credit scores of 620 or higher.

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 740 or higher, “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: 4.875% (APR 5.011%).  Coincidently the same rate as last Friday’s post.

15 Year Fixed @ 1 Pt: 4.750%  (APR 5.111%)   0.125% to rate

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.  

30 Year Fixed @ 1 Pt: 5.375% (APR 5.510%) .

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.  

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:  5.500% (APR 5.612%). 

Prime Rate (what HELOCs are based on):  3.25%  

12 Month LIBOR (what a majority of ARMs are based on): 2.08875% 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, February 6, 2009 at 2:30 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.

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 is a Licensed Loan Originator 510-LO-32047 (MLO-121324). Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). Inman News named Rhonda one of the Top 50 Online Influencers of 2009. She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker http://www.twitter.com/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.