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 Point: 5.375% (APR 5.537%). 
0.125% to rate from last week’s post.
15 Year Fixed @ 1 Pt: 4.875% (APR 5.144%). 0.125% to rate.
7/1 ARM 5/2/5 CAPS w/1 Pt: 5.000% (APR 6.441%). 0.125% to rate
5/1 ARM 5/2/5 CAPS with 1 Point: 4.250% (APR 6.530%) same rate as posted last week (just a coincidence) ~ Priced with 0 Points: 4.625% (APR 6.534) 0.125% to rate
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: 5.500% (APR 5.654%) 0.125% to rate.
Jumbo/Non-Conforming. Loan amounts up to 1 million for ARMs and 1.5 million for the 30 year fixed. The quotes below are based on 740 or higher credit scores with 80% loan to value with a loan amount of $650,000. 30 day locks.
30 Year Fixed at 1 point: 6.125% (APR 6.268). Same as posted last week.
7/1 ARM @ 1 Pt: 6.125% (APR 7.055%). Same as posted last week.
5/1 ARM @ 1 Pt: 5.500% (APR 6.997%). Same as posted last week.
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: 5.500% (APR 6.343%). Same rate as posted last week.
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: 5.625% (APR 6.467%). 0.125% to rate.
FHA 203 (k) Rehab-Streamline. Pricing criteria same as FHA above with loan amounts up to $417,000. This scenario is based on a $400,000 base loan amount.
30 Year Fixed @ 1 Pt: 5.750% (APR 6.605%). 0.25% 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: 5.750% (APR 5.865%). 0.25% 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: 6.000% (APR 6.340%). 0.25% 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. New rate sheets are currently issued around every 4 hours.
For purposes of this post: “1 point” is 1% of the loan amount and would be reflected in line 801 or 808 (depending on whether the loan is brokered or not). Unless the rate is bought down; there are zero discount points referenced which would be reflected on line 802 of the GFE/HUD-1 Settlement Statement. Zero points means no points are paid on lines 801, 802 or 808 (this applies to all rates quoted on this post).
Rates are as of Friday, June 19, 2009 at 8:00 a.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
I’m pretty sure these rates are having an impact on buyer decisions. Are you seeing a change in refinances? Has it gotten much slower generally?
Yes, it has slowed a bit.
In some ways the slow down is a bit of a relief…as long as it doesn’t last too long.
Ardell, what happened to your photo?
Sorry for my late reply, I was out most of yesterday afternoon attending (and speaking) at WAMP’s event at Safeco Field.
Yes, it has slowed down a bit. I’ve also been gone this past week (Chicago RE Bar Camp) so I haven’t been doing anything to encourage new business either.
I would say right now, for new business, I have more purchase than refi.
I had dinner with a couple mortgage professionals before the game and after the event and we were discussing what we think the future holds with mortgage rates. I’d say the general agreement was that rates will continue to rise. There are too many factors working against the Fed’s efforts buying MBS now. If rates do go down at all, I think it will just be quick blips and consumers need to be prepared to take action (and with that said, I still have a locking bias…but I typically tend to).