Friday’s Mortgage Rate Update
Rhonda Porter on 01 22, 2010
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: 4.750% (APR* 4.904%). Coincidentally the same as rate quoted from last week’s rate post at RCG.
15 Year Fixed @ 0.5% Pt: 4.250% (APR 4.511%). Same.
10/1 ARM** 5/2/5 CAPS w/1 Pt: 4.250% (APR 5.656%). Same.
7/1 ARM 5/2/5 CAPS w/1 Pt: 3.875% (APR 5.959%). 
0.125% improvement in rate.
5/1 ARM 5/2/5 CAPS with 1 Point: 3.500% (APR 6.251%). 0.125% improvement in 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: 4.875% (APR 5.021%). 0.125% improvement in 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 $700,000.
30 Year Fixed at 1 point: 5.500% (APR 5.797%). Same.
7/1 ARM 5/2/5 CAPS @ 1 Pt: 4.875% (APR 6.425%). 0.125% improvement in rate.
5/1 ARM 5/2/5 CAPS @ 1 Pt: 4.500% (APR 6.605%). 0.125% improvement in rate.
FHA. Pricing based on credit score of 660 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties. The scenario below is based on a sales price of $400,000 with 3.5% down payment. (620-659 FHA loans are available “at this moment” with slightly higher pricing).
30 Year Fixed @ 1 Pt: 4.875% (APR 5.515%). Same.
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. This scenario is based on a sales price of $585,000 with 5% down payment.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.631%). Same.
VA. Pricing based on credit scores of 660 or better based on loan amounts up to $417,000. VA loan amounts over $417,000 are also available. Based on a sales price of $400,000 with 0 down payment.
30 Year Fixed @ 1 Pt: 4.875% (APR 5.185%). 0.125% improvement in 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. 60 day lock is quoted as USDA is a longer transaction to close. This scenario is based on $400,000 with 0 down payment.
30 Year Fixed @ 1 Pt: 5.000% (APR 5.312%). 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 January 22, 2010 at 11:30 a.m. and may change at any time. Available programs may change at anytime as well. To see rates that I’m quoting “live” click here.
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).
*APR = Annual Percentage Rate
**ARM = Adjustable Rate Mortgage. With adjustable rate mortgages, your rate may increase after the initial fixed period is over.
NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages.
About the Author: Rhonda Porter
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