Friday’s Rate Sheet

Rates are improved over last week based on stronger than expected economic reports that were released this morning following yesterday’s decision from the FOMC to keep the Prime Rate unchanged at 5.25%. The Core PCE and Chicago PMI came in better than anticipated indicating that inflation may calming down a bit.  Inflation has a negative impact on bonds so the mellow reports translates to improved mortgage rates for you and me. 

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied with minimum credit scores of 680 with an 80% loan to value or lower.  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.   I’m including how much rates have changed since last Friday’s rate post (in parenthesis).

30 Year Fixed: 6.375% (APR 6.533%).  Payment per $1000 = $6.24 (improved 0.250%).

30 Year Fixed with 10 Year Interest Only:  6.500% (APR 6.667%).  Payment per $1000 = $5.42 (improved 0.250%).

40 Year Fixed:  6.625% (APR 6.789%).  Payment per $1000 = $5.94 (improved 0.125%).

7/1 ARM:  6.125%% (APR 6.281%).  Payment per $1000 = $6.08 (improved 0.125%).

5/1 ARM:  6.000%  (APR 6.144%).  Payment per $1000 = $6.00 (no change).

5/1 ARM with 10 Year Interest Only:  6.125%  (APR 6.270%).  Payment per $1000 = $5.10 (no change).

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: 6.500% (APR 6.669%).  Payment per $1000 = $6.32. (improved 0.125%).

30 Year Fixed with interest only payments: 6.625% (APR 6.779% ).  Payment per $1000 = $5.52. (improved 0.125%).

40 Year Fixed:  6.625% (APR 6.781 %).  Payment per $1000 = $5.94 (improved 0.125%).

5/1 ARM:  6.000% (APR 6.155%).  Payment per $1000 = $6.00. (improved 0.125%)..

5/1 ARM with 10 Year interest only payments: 6.000% (APR 6.155%).  Payment per $1000 = $5.00.  (improved 0.125%)..

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 loan amounts over $650,000, please contact me.

Note:  Ardell suggested that we close comments on Friday’s Rates…and so I am giving it a whirl.    The rates are being posted in order to provide information and to give you an idea of the direction mortgage interest rates are going.   By closing the comments, the rates are effectively becoming a memo or “rate sheet”.   So if you do have a comment for me regarding rates or mortgage questions simply contact me by visiting another one of my post or send me an email.

Tags: ARM, fixed-rate, interest-only, interest-rates, Mortgage/Lending

This entry was posted on Friday, June 29th, 2007 at 10:26 am and is filed under Buyer Information, General, Mortgage/Lending. You can follow any responses to this entry through the RSS 2.0 feed.