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Rates for Friday April 11, 2008

With the new credit score based pricing, rates below are based on a 720 credit score. Most mortgage rates are now credit score based. Mortgage rates continue to be very volatile and often change several times a day.

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 sales price of $500,000 and a loan amount of $400,000. This scenario includes 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: 5.625% (APR 5.769%)

30 Year Fixed with 10 Year Interest Only: 6.000% (APR 6.149%)

5/1 ARM: 5.125% (APR 6.846%)

Conforming-Jumbo Rates. Pricing is based on the same criteria above except where the loan amount is $417,001 - $567,500 for properties in King, Snohomish or Pierce Counties. (For other conforming-jumbo loan limits in Washington state, click here); specifically priced for a sales price of $650,000 and a $520,000 loan amount.

30 Year Fixed: 6.000% (APR 6.143%)

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: 7.375% (APR 7.536%)

FHA/VA. Pricing based on credit score of 620 or better and loan amounts up to $362,790 for FHA in King, Snohomish and Pierce Counties and up to $417,000 for VA.

30 Year Fixed: 5.75% (APR 6.018%).

FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties. For other loan limits in Washington State, click here.

30 Year Fixed: 6.000% (APR 6.775%)

VA-Jumbo (loan amounts of $417,001 - $950,000).

30 Year Fixed: 6.000% (APR 6.317%)

Prime Rate (what HELOCs are based on): 5.250%

Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR. These programs all have the same closing costs so you can see APR is not a valuable tool.

This is just a small sample available of rates and products. Rates are as of Friday, April 11, 2008 at 2:30 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 please contact your local Mortgage Professional.

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