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Friday’s Mortgage Rates September 15, 2007

I’m tardy!  Between having my Processor on vacation and helping a client out of an option ARM and working on consultation for some new home buyers, yesterday was pretty packed.  

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 an improvement to rate over fixed products.

30 Year Fixed: 6.000% (APR 6.149%).  Payment per $1000 = $6.00.

30 Year Fixed with 10 Year Interest Only:  6.375% (APR 6.527%).  Payment per $1000 = $5.31.

40 Year Fixed:  6.500% (APR 6.641%).  Payment per $1000 = $5.85.

FHA 30 Year Fixed:  6.375% (APR 6.981%) Payment per $1000 = $6.24 (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).    

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

30 Year Fixed with interest only:  7.375% (APR 7.673%).  Payment per $1000 = $6.25.

5/1 ARM:  6.75% (APR 6.644%).  Payment per $1000 =  $5.84.

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.  Rates are as of Friday, September 14, 2007 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.

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