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Friday’s Rates May 2, 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 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:  5.750% (APR 5.902%)

30 Year Fixed with 10 Year Interest Only:  6.125%  (APR 6.267%)

15 Year Fixed: 5.375% (APR 5.627%)

5/1 ARM - LIBOR:  5.375% (APR 6.945%)

5/1 ARM with 10 Year Interest Only - LIBOR:  5.500% (APR 7.035%)

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:  6.125% (APR 6.373%) 

30 Year Fixed with 10 Year Interest Only:  6.625% (APR 6.813%)

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).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000.

30 Year Fixed:  7.500% (APR 7.758%)

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:  6.000% (APR 6.782%). 

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

30 Year Fixed: 6.250% (APR 7.030%)

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

30 Year Fixed:  6.25% (APR 6.572%)

Prime Rate (what HELOCs are based on):  5.000%

This is just a small sample available of rates and products.  Rates are as of Friday, May 2, 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 for your Washington State property, please contact your local Mortgage Professional.

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