jump to navigation

Friday’s Mortgage Interest Rates December 7, 2007

This morning’s Jobs Report provided a higher figure of 94,000 new jobs over the anticipated 70,000 helping to erase the improvments to the 30 year fixed conforming rates that we’ve seen during this week. This illustrates how much bonds react negatively to inflation.

The next major influence on mortgage bonds will be Tuesday’s FOMC meeting…will the Fed cut rates by 0.25 or 0.50? Current mortgage rates are priced factoring in a rate cute of 0.25%; any other move may impact mortgage interest rates. Remember, this does not directly lower mortgage interest rates; mortgage interest rates are based on mortgage backed securities (bonds).

Today’s conforming mortgage rates are still very attractive and, as always, I recommend locking if you have a transaction closing soon. The change in rate from last Friday’s rate posting is in parenthesis. Conforming fixed is up around 0.25% in rate from yesterday; jumbo (non-conforming) rates over improved by 0.125% over last week. Rates have increased in price since I published them this morning at Mortgage Porter. The increase is enough to where I can barely still quote (honor) the rates from this morning. I will update this post should we see significant changes today.

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: 5.875% (APR 6.011%). Payment per $1000 = $5.92. (0.25% increase)

30 Year Fixed with 10 Year Interest Only: 6.250% (APR 6.386%). Payment per $1000 = $5.10. (0.25% increase)

40 Year Fixed: 6.250% (APR 6.388%). Payment per $1000 = $5.68. (0.125% increase)

5/1 ARM (2/2/6 caps): 5.625% (APR 5.761%). Payment per $1000 = $5.76. (same as last week)

5/1 ARM 10 Year Interest Only Payments: 5.750% (APR 5.886%). Payment per $1000 = $4.79. (same as last week)

FHA/VA 30 Year Fixed: 6.125% (APR 6.779%). Payment per $1000 = $6.08. (not including MI for FHA). (0.125% increase)

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 6.775%). Payment per $1000 = $6.40. (0.125% improvement)

30 Year Fixed with 10 Year Interest Only Payments: 6.750% (APR 6.901%). Payment per $1000 = $5.63. (0.125% improvement)

5/1 ARM: 6.1250% (APR 6.271%). Payment per $1000 = $6.08. (0.125% improvement)

5/1 ARM Interest Only: 6.125% (APR 6.271%). Payment per $1000 = $5.10. (0.125% improvement)

This is just a small sample available of rates and products. Rates are as of Friday, December 7, 2007 at 11:00 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.

Check out these related posts:

Article Tags>> | | | | | | | |

Comments

Sorry comments are closed for this entry