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: 4.875% (APR 5.030%). 
0.125% to rate from last week’s post. NOTE: 4.5% @ 2.25 origination/discount points (APR 4.761%).
15 Year Fixed @ 1 Pt: 4.375% (APR 4.637%). Same rate quoted last week’s rate post.
10/1 ARM 5/2/5 CAPS w/1 Pt: 4.375% (APR 5.731%). 0.25% to rate.
7/1 ARM 5/2/5 CAPS w/1 Pt: 4.250% (APR 6.136%). 0.25% to rate.
5/1 ARM 5/2/5 CAPS with 1 Point: 3.875% (APR 6.389%) Same rate posted last week. ~ Priced with 0 Points: 4.125% (APR 6.393%) 0.25% 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: 5.000% (APR 5.147%) 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 Year Fixed at 1 point: 6.125% (APR 6.268). Same as posted last week.
7/1 ARM 5/2/5 CAPS @ 1 Pt: 5.750% (APR 6.862%). 0.125% to rate.
5/1 ARM 5/2/5 CAPS @ 1 Pt: 5.125% (APR 6.849%). 0.25% 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: 5.000% (APR 5.841%). 0.25% to rate.
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties with a 660 or higher mid-credit score.
30 Year Fixed @ 1 Pt: 5.250% (APR 6.095%). Same…
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: 5.375% (APR 6.246%). 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 5.118%). 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: 5.250% (APR 5.584%). 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, July 10, 2009 at 8:30 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
Rhonda,
In a recent comment on Ray Pepper’s post, David Losh said “FHA Loans are no longer assumable.” I don’t think that’s true. Can you confirm?
I know the buyer who assumes the FHA has to qualify for it, but the loan is still assumable, isn’t it? If rates go up and the seller’s mortgage rate is lower than the going rate, a buyer can assume the FHA mortgage still…right?
If that has changed, as David indicated in his comment, I haven’t heard it. VIP for me to know, so appreciate a response.
Ardell,
According to HUD’s website, FHA loans are assumable:
Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.
More info on FHA loans being assumable from HUD:
GENERAL. All FHA insured mortgages are assumable. However, FHA has placed certain restrictions on the assumability of FHA-insured mortgages originated since 1986. Depending on the date of loan origination, a creditworthiness review of the assumptor by the lender may be required. Mortgages originated before December 1, 1986 generally contain no restrictions on assumability. To determine what restrictions to assumability have been placed on the mortgage, the lender must review the legal documents of the mortgage. Additional details regarding assumability are contained in HUD Handbook 4330.1 REV-5, “Administration of Insured Home Mortgages.” Lenders should note that some mortgages executed in years 1986 through 1989 contain language that is not enforced due to later Congressional action. Mortgages from that period are now freely assumable, despite any restrictions stated in the mortgage.
I’ve left a message for David Losh on his comment to see where he’s getting his info from about this and I have a call into our in-house FHA underwriter to see if she’s aware of any changes in the event HUD’s website is not up-to-date. If I hear that David is correct, I’ll write a huge post about this…but I’m not finding this to be the case.
FHA loans being assumable is a huge benefit for people who have secured the recent record low rates…who knows where rates will be in the future w/inflation?