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Friday’s Rates April 18, 2008

Long term fixed conforming rates are slightly improved since this morning…however rates across the board are up compared to last Friday’s rate post. The markets continue to be very volatile and those who play the “floating game” with their rate, may get washed up.

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 and are based on a minimum mid-credit score of 720.

30 Year Fixed: 5.875% (APR 6.023%)

30 Year Fixed with 10 Year Interest Only: 6.250% (APR 6.388%)

15 Year Fixed: 5.375% (APR 5.616%)

5/1 ARM - LIBOR 2/2/6 Caps: 5.250% (APR 6.895%)

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; specifically priced for a sales price of $650,000 and a $520,000 loan amount.

30 Year Fixed: 6.375% (APR 6.524%)

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

30 Year Fixed: 6.125% (APR 6.910%).

FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.

30 Year Fixed: 6.375% (APR 7.158%)

VA. Pricing based on credit scores of 620 or better with loan amounts up to $417,000.

30 Year Fixed: 6.375% (APR 6.572%)

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

30 Year Fixed: 6.375% (APR 6.700%)

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 18, 2008 at 1:15 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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