Rain City Guide

Friday’s Rates

Rhonda Porter on 04 3, 2009

The Jobs Report came in this morning pretty close to the dismal figures that were expected at 663,000 jobs lost in March.   January was revised lower with no revisions to February.   The DOW closed barely over 8,000 today–good news for the stock market tends to mean higher rates since investors will pull funds from “safer” bonds (such as mortgage backed securities).

Also impacting mortgage rates, the New York Federal Reserve reported that it purchased $32 billion in MBS (mortgage backed securities) from March 26-April 1 focusing on the 4-4.5% coupons.  This keeps rates close to where they have been–if the Fed wanted rates to move lower, they would purchase 3 or 3.5% bonds–which they have not done.   Click here to see.  We are at the range the Government wants mortgage rates to be at…I would not expect much lower.

This week, Fannie Mae announced they will purchase loans with the revised 2009 High Balance Conforming loan limits beginning May 1, 2009.   Translated this means that we should start to see lenders offering the higher loan limits soon….what’s up with the delay? 

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: 4.750% (APR 4.894%).    0.125% higher in rate from last Friday’s post.

30 Year Fixed @ 4.500% (APR 4.684%) at 1.25% total points (origination/discount).

15 Year Fixed @ 1 Pt: 4.375%  (APR 4.612%).

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.    Note:  still waiting for the revised 2009 High Balance Conforming loan limits of $567,500 to be available.

30 Year Fixed @ 1 Pt: 5.000% (APR 5.139%).    0.125 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 5.826%).   0.125 to rate

FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties.

30 Year Fixed @ 1 Pt:  5.000% (APR 5.662%).  

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%).   0.125 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, April 3, 2009 at 1:45 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.