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Friday’s Rates…ya’ better lock ‘em…rates are inching up
There was mid-day price changes today and I can barely lock a 30 year fixed rate at 6.00 as quoted below. Next week brings economic 
reports that tend to have a high impact on mortgage interest rates. Starting on Tuesday morning with the Consumer Price Index (CPI) and on Thursday, we’ll learn about the Jobless Claims and the Philidelphia Fed Index. Rates have been slowly moving up. I always recommend locking over “floating” your interest rate…especially in this type of market.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on sales price of $500,000 with 20% down payment, owner occupied with minimum credit scores of 680. Rates quoted are priced based on a 45 day lock with 1 point and there are no prepayment penalties on any of the rates quoted below.
30 Year Fixed: 6.000% (APR 6.137%). Payment per $1000 = $6.00.
30 Year Fixed with 10 Year Interest Only: 6.250% (APR 6.389%). Payment per $1000 = $5.21
40 Year Fixed: 6.250% (APR 6.368% ). Payment per $1000 = $5.68
7/1 ARM: 5.625% (APR 5.759%). Payment per $1000 = $5.76
5/1 ARM: 5.500% (APR 5.635%). Payment per $1000 = $5.68
5/1 ARM with 10 Year Interest Only: 5.625% (APR 5.761%). Payment per $1000 = $4.69
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).
30 Year Fixed: 6.250% (APR 6.380%). Payment per $1000 = $6.16
30 Year Fixed with interest only payments: 6.250% (APR 6.386%). Payment per $1000 = $5.21
40 Year Fixed: 6.250% (APR 6.386%). Payment per $1000 = $5.68
5/1 ARM: 5.875% (APR 6.008%). Payment per $1000 = $5.92
5/1 ARM with 10 Year interest only payments: 6.00% (APR 6.134%). Payment per $1000 = $5.00
Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR. This is just a small sample available of rates and products. For a specific strategy for your mortgage needs, contact a qualifed Mortgage Professional.
Rates quoted are as of 9:00 a.m. PST and may change at any time
Posted: May 18th, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: APR, ARM, conforming, cpi, jumbo, mortgage-interest-rates
About the Author: Rhonda Porter
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1. Comment from Ames Tiedeman
Time September 22, 2007 at 9:36 am
In the U.S. interest rate are going lower, Gold is going higher, Oil is going higher, inflation is going higher, the dollar is going lower. What is wrong with this? Everything! At some point the FED is going to have to raise rates bigtime. We are in a very, very, precarious situation at the moment. I think Gold will tripple to over $2,000 an ounce.