Rain City Guide

Friday’s Rates

Rhonda Porter on 05 1, 2009

Rates bounced around 0.125-0.25 point during this past week; trending higher towards the end of this week.  It will be interesting to see how the “Stress Test” next Thursday will impact rates.  We also have the Jobs Report being released on Friday.  

We also are just now beginning to see lenders just starting to adopt the 2009 revised conforming loan limits…it’s about time!

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

30 Year Fixed @ 1 Pt: 4.625% (APR 4.762%).   Same rate as quoted on last Friday’s rate post.

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.  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: 4.875% (APR 5.005%).   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%).  

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 5.663%).  

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%). 

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 Fridayday, May 1, 2009 at 2:30 p.m. and may change at any time.  Available programs may change at anytime as well.    Check out RCG’s 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 #40445, 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 MLO-121324. 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. Her peers recognized her with the Washington Association of Mortgage Professionals Distinguished Service Award in 2009. Rhonda originates mortgages for homes located in Washington State. You can reach Rhonda at rhonda@mortgageporter.com or by calling (206) 718-9488. Check to see if your mortgage originator is licensed or just registered by visiting www.nmlsconsumeraccess.org. NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages nor is she affilated with any advertisers or calculators displayed on this site.