Mortgage Rates for Friday

The mortgage saga continues with the nations largest mortgage producer Countrywide Financial stating it faces ”unprecedented disruptions” that may reduce profit, suggesting a credit crunch that started with the U.S. subprime market will spread.  In deed, this is impacting markets in Europe and Asia as they are huge investors in US mortgage backed securities.    Today the Fed took action by injecting funds into the market at three separate times today for an amount of $38 billion.  The Fed has not made a move like this since the country was struck by terriorist back in September 2001.  

During these volitile times, I do not recommend floating your interest rates.  

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: 6.25% (APR 6.392%).  Payment per $1000 = $6.16.

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

40 Year Fixed:  6.750% (APR 6.906%).  Payment per $1000 = $6.03.

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

5/1 ARM with 10 Year Interest Only:  6.000%  (APR 6.%).  Payment per $1000 = $5.10.

FHA 30 Year Fixed:  6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI).

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).    Non-Conforming ARMs are priced out of the market.

30 Year Fixed: 7.125% (APR 7.798%).  Payment per $1000 = $6.74.   

This is just a small sample available of rates and products.  Rates are as of 9:30 this morning and may change at any time.  Available programs may change at anytime as well.    This is not a guarantee nor is it a commitment of interest rate.  For your personal rate quote or for loan amounts over $650,000, please contact me.

Tags: mortgage-interest-rates

This entry was posted on Friday, August 10th, 2007 at 10:23 am and is filed under Buyer Information, General, Mortgage/Lending. You can follow any responses to this entry through the RSS 2.0 feed.