The video was recorded this morning…we didn’t see as many rate sheets as we did yesterday. Rates over all have been fairly steady…in fact, Aubrey Cohen of the Seattle P-I wonders if mortgage rates found a floor at 4.5%. Happy Memorial Day.
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 30-40 day closing with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Pt: 4.500% (APR 4.638%). same rate as last week’s post. (If there are no red or green arrows, please assume the rate is the same as what was posted last week).
15 Year Fixed @ 1 Pt: 4.250% (APR 4.489%).
Conforming High Balance Rates. Pricing is based on the same criteria above except where the loan amount is $417,001 – $567,500 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.
Jumbo/Non-Conforming. Loan amounts up to 1 million! The quotes below are based on 740 or higher credit scores and loan amounts up to $650,000 with 80% loan to value. Jumbos were not posted last week (so no arrows).
30 Year Fixed @ 1 Pt: 6.125% (APR 6.369%)
7/1 ARM @ 1 Pt: 5.250% (APR 6.603%)
5/1 ARM @ 1 Pt: 4.500% (APR 6.601%)
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 203 (k) Rehab-Streamline. Pricing criteria same as FHA above.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.826%).
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties.
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.
USDA Rural Housing. 100% financing with income limits and properties must be located within a specific area (this program is generally available in rural towns with populations of 10,000 or less). For eligibility, click here.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.316%). Same.
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, May 22, 2009 at 2:00 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.