jump to navigation

Friday’s Rates February 8, 2008

We are closer to the conforming loan limits being increased through the end of 2008. After President Bush signs HR 5140 into law, HUD will have 30 days to publish what will be used for median home prices. The temporary conforming limits will be based on 125% of the median home price.

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 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 5.640%).

30 Year Fixed with 10 Year Interest Only: 5.875% (APR 6.004%).

15 Year Fixed: 4.875% (APR 5.104%).

7/1 ARM (5/2/5 caps - 2.25 margin): 4.875% (APR 6.427%).

7/1 ARM 10 Year Interest Only Payments (5/2/5 caps - 2.25 margin): 5.125% (APR 6.601%).

FHA/VA 30 Year Fixed: 5.750% (APR 6.279%)

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: 6.375% (APR 6.530%). Payment per $1000 = $6.24.

30 Year Fixed with 10 Year Interest Only Payments: 6.750% (APR 6.901%).

7/1 ARM (5/2/5 caps - 2.25 margin): 5.250% (APR 6.599%).

7/1 ARM Interest Only: 5.375% (APR 6.725%).

Prime Rate (what HELOCs are based on): 6.00%

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 8, 2008 at 3:00 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.

Sphere: Related Content

Comments

Sorry comments are closed for this entry