Rain City Guide

Friday’s Rates

Rhonda Porter on 02 27, 2009

Last week I added the “it rate” of 4.5%…you can see how much it cost in points to have this media darling.   

Although loan limits for conforming and FHA have been adjusted in certain “high cost” areas, like the Seattle/Bellevue area, lenders are slow to implement the changes…revised 2009 loan limits should be available soon. 

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 closing with no prepayment penalties on any of the rates quoted below.

30 Year Fixed @ 1 Pt: 4.875% (APR 5.011%). 0.125 to rate

4.5%  30 Year Fixed @ 2.5 Pts = 1% origination plus 1.5% discount points:  (APR 4.854) 0.75% in points. 

15 Year Fixed @ 1 Pt: 4.625%  (APR 4.858%).   0.25 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: 5.250% (APR 5.384%)   0.25 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: 5.375% (APR 6.044%).    0.375 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:  5.500% (APR 6.169%)  same rate as quoted on last Friday’s rate post.

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%).  0.25% to rate

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

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 27, 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.

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.