Friday’s Rates…are higher

This morning, the Job’s Report came in stronger than expected.  How does this impact your mortgage rates?  If it’s tougher for employers to hire (less unemployment) and the employers are forced to pay more in hourly wages for the same worker…guess what the employer needs to do in order to stay profitable?  Increase the cost of their product or service.  And what do mortgage bonds detest?  Inflation.  

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   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: 6.625% (APR 6.667%).  Payment per $1000 = $6.40 (increased 0.25%).

30 Year Fixed with 10 year interest only payments:  6.750%% (APR 6.896%).  Payment per $1000 = $5.63 (increased 0.25%)

40 Year Fixed:  6.750% (APR 6.899%).  Payment per $1000 = $6.03 (increased 0.125%)

7/1 ARM:  6.125%% (APR 6.281%).  Payment per $1000 = $6.08 (no change).

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: 6.625% (APR 6.779%).  Payment per $1000 = $6.40. (increased 0.125%).

30 Year Fixed with interest only payments: 6.750% (APR 6.906% ).  Payment per $1000 = $5.63. (increased 0.125%).

40 Year Fixed:  6.750% (APR 6.910 %).  Payment per $1000 = $6.03 (increased 0.125%).

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

5/1 ARM with 10 Year interest only payments: 6.125% (APR 6.275%).  Payment per $1000 = $5.10.  (increased 0.125%)

This is just a small sample available of rates and products.    For your personal rate quote or loan amounts over $650,000, please contact me.

Tags: arms, conforming, fixed, interest-only, interest-rate, jumbo, Mortgage/Lending

This entry was posted on Friday, July 6th, 2007 at 9:43 am and is filed under Buyer Information, General, Mortgage/Lending. You can follow any responses to this entry through the RSS 2.0 feed.