Friday’s Rates ala Ben and Bush

It continues to be very interesting preparing Friday Rate Quotes.   Programs and products availability continue to change due to either lenders[photopress:4_a_bush_20cowboy2.jpg,full,alignright] suspending certain products or pricing them out of the market.   In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding or purchasing them) leaving many loan orignators and mortgage brokers hanging in suspense.   I do hope that fellow mortgage brokers and correspondent lenders are taking names and will remember which major lenders have shown intregrity in this market and those who have not.

For all you Loan Originators who have been “pursuing wrong doing and fraud”, today President Bush warned “if you’ve been cheatin’ somebody, we’re gonna find you.”  Yee Haw!  I truly hope so and I hope he’s including consumers who have knowingly committed lender fraud.

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. 

Currently conforming ARMs are not offering a significant improvement to rate over fixed rate products (ARMS are still available, they are priced close to fixed rates).   Therefore, ARM rates are not reflected on this post.

30 Year Fixed: 6.125% (APR 6.281%).  Payment per $1000 = $6.08.

30 Year Fixed with 10 Year Interest Only:  6.500% (APR 6.653%).  Payment per $1000 = $5.42.

40 Year Fixed:  6.500% (APR 6.646%).  Payment per $1000 = $5.85.

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).    10/1 Jumbo ARMs are offering the same rate as shorter term ARMs.

30 Year Fixed: 7.250% (APR 7.402%).  Payment per $1000 = $6.82. 

30 Year Fixed with interest only payments:  7.375% (APR 7.528%).  Payment per $1000 = $6.15.

10/1 ARM:  6.750%  (APR 6.906%).  Payment per $1000 = $6.48.

10/1 ARM with 10 Year Interest Only:  6.750%  (APR 6.906%).  Payment per $1000 = $5.63.

This is just a small sample available of rates and products.  Rates are as of 9:00 a.m. 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: ARM, conventional, fixed, interest-only, Mortgage Fraud, Mortgage Rates

This entry was posted on Friday, August 31st, 2007 at 9:13 am and is filed under Buyer Information, General, Mortgage/Lending. You can follow any responses to this entry through the RSS 2.0 feed.