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Friday’s Mortgage Interest Rates September 28, 2007

Update 12:23 p.m.  Of course I no sooner post rates (stalling at RCG over the rates I posted this morning at Mortgage Porter) and I’m seeing new rate sheets with “price worsening”.   Argh.   Please contact your Mortgage Professional for current rates and to see if you should lock in at this time.  I do not advise floating during this market (nor do I normally advise floating).

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: 6.125% (APR 6.149%).  Payment per $1000 = $6.08.

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.

5/1 ARM (2/2/6 caps):  5.875% (APR 6.%).  Payment per $1000 = $5.92.

5/1 ARM 10 Year Interest Only Payments:  6.000% (APR 6.2%).  Payment per $1000 = $5.00.

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

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: 7.000% (APR 7.146%).  Payment per $1000 = $6.65.

30 Year Fixed with interest only:  7.125% (APR 7.272%).  Payment per $1000 = $5.94.

5/1 ARM:  6.375% (APR 6.516).  Payment per $1000 =  $6.24.

5/1 ARM Interest Only:  6.375% (APR 6.516).  Payment per $1000 = $5.31.

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 28, 2007 at 12:00 p.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.

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