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%).
7/1 ARM 5/2/5 CAPS w/1 Pt: 4.250% (APR 6.112%) 
0.125% to rate from last week’s post.
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.
30 Year Fixed @ 1 Pt: 4.750% (APR 4.879%). 0.125% to rate
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.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.663%). 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: 5.000% (APR 5.107%). 0.125% to rate
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.
About Rhonda Porter
Cool video…don’t go all Hollywood on us now!
Yeah, I don’t think the Fed wants the rates to go lower. Not sure if they are signalling they want them higher yet.
I’d say average increase on Thursday was about 0.375 to price, which generally translates to an increase of 0.125 to rate.
Hollywood–too funny. Rates are still very low and I still have some folks waiting for them to go lower…which (as Aubrey points out) they’ve seem to be at the “floor”.