Rain City Guide

Friday’s Rates…the Roller Coaster Continues

Rhonda Porter on 05 29, 2009

Mortgage rates have been a roller coaster since Wednesday where we had 5 rate sheets issued with deteriorating rates…yesterday began to look like deja vu.  The bond markets wound up improving at closing.   This morning, mortgage backed securties are rallying and I’m hoping to see price improvements throughout the 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: 4.875% (APR 5.015%).    0.375% to rate from last week’s post.

15 Year Fixed @ 1 Pt: 4.500%  (APR 4.737%).    0.25% to rate.

7/1 ARM 5/2/5 CAPS w/1 Pt:  4.500% (APR 6.625%)  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 – $567,500for 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: 5.000% (APR 5.131%).  0.25% 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.    30 day locks.

30 Year Fixed @ 1 Pt:  6.250% (APR 6.398%).  0.125% to rateNOTE: I’m just regaining access to jumbo loans, this rate was not correctly quoted.   The ARMs below are correct.

7/1 ARM @ 1 Pt:  5.375% (APR 6.671%). 0.125% to rate

5/1 ARM @ 1 Pt:  5.250% (APR 6.891%)  0.75% 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: 5.125% (APR 5.960%).   0.25% to rate

FHA 203 (k) Rehab-Streamline.   Pricing criteria same as FHA above.

30 Year Fixed @ 1 Pt:  5.250% (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:  5.125% (APR 5.956%).   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:  5.125% (APR 5.233%).   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:  5.500% (APR 5.828%).   0.500% 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, May 28, 2009 at 9:30a.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.