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Ring in the New Year with Lower Mortgage Rates January 4, 2008

The much weaker than expected Jobs Report and unemployment figures at a two year high find mortgage rates benefiting from investors seeking the safety of bonds.  This “bad news” could be a great opportunity for those who are considering refinancing or buying a home.   Mortgage rates have improved from 0.25% - 0.375% to rate while stocks fall hard on worries of a recession.

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower, a loan amount of $400,000, and with reserves (taxes & insurance) not being waived.   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: 5.500% (APR 5.649%).  Payment per $1000 = $5.68. (0.375% improvement).

30 Year Fixed with 10 Year Interest Only:  5.875% (APR 6.029%).  Payment per $1000 = $4.90. (0.250% improvement).

40 Year Fixed:  6.000% (APR 6.132%).  Payment per $1000 = $5.50. (0.375% improvement).

5/1 ARM (5/2/5 caps):  5.250% (APR 5.396%).  Payment per $1000 = $5.52. (0.375% improvement).

5/1 ARM 10 Year Interest Only Payments:  5.375% (APR 5.552%).  Payment per $1000 = $4.48.  (0.375% improvement).

FHA/VA 30 Year Fixed:  5.875% (APR 6.529%).  Payment per $1000 = $5.92. (not including MI for FHA).  (0.25% improvement).

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: 6.500% (APR 6.657%).  Payment per $1000 = $6.32. (0.25% improvement).

30 Year Fixed with 10 Year Interest Only Payments: 6.625% (APR 6.783%).  Payment per $1000 = $5.52. (0.25% improvement).

5/1 ARM 5/2/5 caps:  6.125% (APR 6.277%).  Payment per $1000 = $6.08. (0.25% improvement).

5/1 ARM Interest Only:  6.125% (APR 6.277%).  Payment per $1000 = $5.10. (0.25% improvement).

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, January 4, 2008 at 12:30 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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