Rain City Guide

I like to provide you with rates a little earlier on Friday.  However, today I attended a seminar in Bellevue which was over at 1:30…just in time to get stuck on the I-90 Blue Angels traffic.  I love Seafair, don’t you?   

The mortgage industry is facing historic times.   There is a credit crisis in the non-conforming markets and it’s having a tremendous impact on mortgage rates and products.  DO NOT FLOAT YOUR LOANS!   Sorry for shouting…you’ll thank me later.   The mortgage industry is in for a bumpy ride…kind of like the hydro’s this weekend (only not as fun).   Employment figures coming in lower than anticipated this morning helping to keep conforming fixed rates lower.  Today, many lenders are not currently offering ARMs or they have them priced extremely out of the market.

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. 

30 Year Fixed: 6.250% (APR 6.392%).  Payment per $1000 = $6.49 $6.16.

30 Year Fixed with 10 Year Interest Only:  6.375% (APR 6.518%).  Payment per $1000 = $5.31.

40 Year Fixed:  6.625% (APR 6.771%).  Payment per $1000 = $5.94.

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

5/1 ARM:  5.875%  (APR 6.013%).  Payment per $1000 = $4.90 $5.92.

5/1 ARM with 10 Year Interest Only:  6.00%  (APR 6.139%).  Payment per $1000 = $5.00.   

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 6.770%).  Payment per $1000 = $6.40.

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

Non-conforming 5 and 7 year fixed period ARMs are currently higher than the 30 year fixed.  The 40 year fixed is ugly. 

This is just a small sample available of rates and products.  Rates are as of 4:00 p.m. today and may change at any time.    For your personal rate quote or for loan amounts over $650,000, please contact me.

Update:  As of Monday, August 3, 2007 at 8:30 am, JUMBO conforming rates are up by 0.5% to rate.   I won’t make it a practice to update the rate’s I’ve posted on Friday.  Since the change is signficant, I felt it was important to do so.