Mortgage Rates for Wednesday Morning
Rhonda Porter on 02 11, 2009
On Friday, I’ll be participating at Seattle’s Real Estate Bar Camp. So instead of skipping a week of mortgage rates, I thought I’d give you a mid-week update. Rates for Rain City Guide will return on the following Friday.
Reminder: 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. 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: 4.625% (APR 4.762%). 
0.25% to rate from Friday’s rate post.
15 Year Fixed @ 1 Pt: 4.375% (APR 4.612%) 0.375% 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: 5.000% (APR 5.135%) . 0.375% to rate
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: 5.000% (APR 5.665%). 0.500% to rate
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: 5.375% (APR 6.042%) 0.500% to rate
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: 5.000% (APR 5.107%). 0.500% to rate
Prime Rate (what HELOCs are based on): 3.25%
12 Month LIBOR (what a majority of ARMs are based on): 1.98668% 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 11, 2009 at 9:30 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.
About the Author: Rhonda Porter
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Wow, nice rates – thanks for posting and enjoy “bar camp!”
Thanks, Gene! Tomorrow we have Retail Sales…which should be interesting.
It should be interesting indeed. It also looks like the possible $15,000 tax credit in the stimulus plan is now a possible $7,500 credit (for buyers who purchased after Jan 1, 2009).
Gene, can you provide a link?
There are number of stories about the credit being “shaved,” the most specific story I have seen is:
http://www.reuters.com/article/governmentFilingsNews/idUSWAT01097420090211
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Separately, during a Senate committee hearing, Senator Bill Nelson said the $15,000 credit is “likely … to be cut down to a $7,500 credit” for homes bought after Jan. 1, 2009.”
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The initial stories I saw implied it would be completely eliminated, so cut in half is probably the “best” case we’re looking at right now – but nothing is definite till the bill is signed into law.
Gene, that’s why I’ve been holding back from writing or commenting much about it. We won’t know until Obama signs it…possibly this weekend?
gene,
Many home buyers would not have been able to utilize the full $15,000, since it was limited to the amount of tax unlike the last credit. On Bloomberg it says:
“A proposed $15,000 tax credit for homebuyers was reduced to $8,000, Baucus said.”
At this point we have to wait and see what is actually signed. Seems to me a homebuyer who is deducting their interest and RE taxes on the purchase, might not have lost too much if it goes from $15,000 to $8,000. They weren’t likely going to be able to utilize the full $15,000, even if it passed in that form.
I have to see if the $8,000 can also be spread over two years, as the $15,000 was supposed to, before I can crunch the numbers on this.
It’s amazing (scary) how much our markets are based on speculation.
Rhonda,
That’s what makes them “markets”
[...] 30 Year Fixed @ 1 Pt: 4.750% (APR 4.992%). 0.125 to rate from last Wednesday’s rate post. [...]