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Friday’s Rates February 1, 2008

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” purchase with  a 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: 5.375% (APR 5.533%).  Payment per $1000 = $5.60.

30 Year Fixed with 10 Year Interest Only:  5.750% (APR 6.866%).  Payment per $1000 = $4.79.

40 Year Fixed:  5.750% (APR 5.878%).  Payment per $1000 = $5.33.

7/1 ARM (5/2/5 caps - 2.25 margin):  4.875% (APR 5.878%).  Payment per $1000 = $5.33.

7/1 ARM 10 Year Interest Only Payments (5/2/5 caps - 2.25 margin):  5.000% (APR 6.522%).  Payment per $1000 = $4.17. 

FHA/VA 30 Year Fixed:  5.625% (APR 6.154%).  Payment per $1000 = $5.76. (not factoring upfront or monthly 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: 6.500% (APR 6.657%).  Payment per $1000 = $6.32. 

30 Year Fixed with 10 Year Interest Only Payments: 6.625% (APR 6.769%).  Payment per $1000 = $5.52. 

5/1 ARM - 5/2/5 caps - 2.25 margin:  5.500% (APR 6.995%).  Payment per $1000 = $5.68.

5/1 ARM Interest Only - 5/2/5 caps - 2.25 margin:  5.500% (APR 7.063%).  Payment per $1000 = $4.58.

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, February 1, 2008 at 2:00 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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