Mortgage Rates before Friday

Rhonda Porter on 04 16, 2009

I know…I’m breaking tradition for this post since I normally provide you with rates on Friday afternoons at Rain City Guide.  However, tomorrow I’m going to be at the Washington Real Estate Summit at Emerald Downs.   If you’re interested in attending this event, you can sign up today or pay more at the door.  :)  

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: 4.500% (APR 4.632%).   arrowdowngreen 0.125% lower in rate from last Friday’s post.

15 Year Fixed @ 1 Pt: 4.25%  (APR 4.478%).  arrowdowngreen 0.125%

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.  Fannie Mae will start purchasing the revised 2009 loan limits on May 1, 2009 so we should start seeing pricing available anytime.

30 Year Fixed @ 1 Pt: 4.750% (APR 4.879%).  arrowdowngreen 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: 4.875% (APR 5.698%).  Same as last Friday’s posted 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:  4.875% (APR 5.696%).  arrowdowngreen 0.125 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:  4.875% (APR 4.981%). 

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 Thursday, April 16, 2009 at 12:30 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

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.

4 Responses to “Mortgage Rates before Friday”

  1. Roger Ingalls
    April 22, 2009 at 7:58 am

    Rhonda:

    Any chance of you compiling a historical chart going back 3 months of your Friday rate quotes?

    My sense of the market is that there have not been great changes in rate since mid March. Sure, there have been better days to lock than others, but in general, the rates have not moved that much.

    This is from Freddie Mac weekly averages, 30 yr fixed. As you can see, some points are involved, but at least they show them.

    http://tinyurl.com/freddie-wkly-rates

    What I keep seeing is big changes in programs and procedures, that affect some rates, and most borrowers.

    Reply
    #339038
  2. Rhonda Porter
    April 22, 2009 at 8:17 am

    Roger, I have a list (not a chart) that I have not had time to update in a while http://www.mortgageporter.com/reportingfromseattle/fridays-rates-history.html

    it’s a mess because I started posting w/out points and then when rebate pricing disappeared for a while–I stopped. So I don’t know if this is very useful anymore (I’ve since removed the link from my blog).

    I don’t see rates staying this low for long…maybe a couple more months.

    Reply
    #339040
  3. Roger Ingalls
    April 22, 2009 at 8:30 am

    Thanks!

    Rates will stay this low as long the Feds see fit to keep them that low. Not a day longer.

    If something else comes up as a higher priority for spending pretend money (unemployment, war, disaster, health care, education, inflation?), I would expect to see rates rise pretty quickly.

    On the other hand, maybe what they will do is to manage them to gradually rise, and lessen the shock to the economy.

    Should we start a betting pool as to when rates hit a certain point? Just for amusement?

    Reply
    #339041
  4. Rhonda Porter
    April 22, 2009 at 8:43 am

    I think rates tend to rise quicker and go down slower.

    Reply
    #339042

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