Friday’s Rates on Thursday July 3, 2008
Huh? Since tomorrow is Independence Day, the bond markets will be closed…so I thought I would provide you with mortgage rates on today. We also had the Jobs Report released today which reported a loss of 62,000 jobs and an additional 52,000 jobs lost in April and May with unemployment remaining at a four year high at 5.5%. Rates should be doing great with all this bad news, right? Not so fast! It seems as though Wall Street is a bit relieved that the Jobs Report wasn’t worse! Plus the European Central Bank raised their key lending rate by 0.25% in order to try to hedge inflation. You can count on mortgage rates to continue to be volatile and to change several times per day.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a minimum credit score of 720, “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 30 day lock with no prepayment penalties on any of the rates quoted below.
30 Year Fixed: @ 0 Pts: 6.500% (APR 6.566%) ~ @ 1 Pt: 6.250% (APR 6.410%)
30 Year Fixed with 10 Year Interest Only: @ 0 Pt: 6.750% (APR 6.686%) ~ @ 1 Pt: 6.500% (APR 6.648%)
15 Year Fixed: @ 0 Pt: 6.125% (APR 6.201%) ~ @ 1 Pt: 5.875% (APR 5.135%)
5/1 ARM - LIBOR: @ 0 Pt: 6.000% (APR 7.104%). ~ @ 1 Pt: 5.625% (APR 7.051%).
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: @ 0 Pt: 6.625% (APR 6.681%) ~ @ 1 Pt: 6.375% (APR 6.681%)
30 Year Fixed with 10 Year Interest Only: @ 0 Pt: 7.000% (APR 7.060%) ~ @ 1 Pt: 6.750% (APR 6.893%).
5/1 ARM: @ 0 Pt: 6.000% (APR 7.089%) ~ @ 1 Pt: 5.625% (APR 7.036%)
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: @ 0 Pt: 7.875% (APR 7.963%) ~ @ 1 Pt: 7.500% (APR 7.656%)
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 @ 1 Pt: 6.375% (APR 7.158%)
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 @ 1 Pt: 6.500% (APR 7.258%)
VA. Pricing based on credit scores of 620 or better based on loan amounts up to $417,000. VA loan amounts over $417,000 are also available. Contact your local Mortgage Professional for more information.
30 Year Fixed @ 1 Pt: 6.375% (APR 6.700%)
Prime Rate (what HELOCs are based on): 5.000%
This is just a small sample available of rates and products. Rates are as of Thursday, July 3, 2008 at 10:00 a.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. To see live rate quotes for various scenarios, check out my Twitter page.
Have a very happy and safe Fourth of July! :)
Check out these related posts:
Article Tags>> conforming | FHA | interest-rates | jumbo | mortgage-rates | non-conforming | va
- Posted in : General Real Estate
- Author : Rhonda Porter
Comments»
Have a great 4th of July, Rhonda.
In honor of Independence Day, I just though I would pop this small nugget of good news in here.
Wachovia recently announced that they are waiving all prepayment penalties on their Option Arms (PickAPay, they call them).
I don’t know anyone that has this lender, but I thought I would help spread the word. Maybe CW, WAMU, and others will follow suit?
http://biz.yahoo.com/prnews/080630/clm018a.html?.v=1
Thanks, Roger. I would assume this would also apply to World Savings options ARMs since Wachovia bought World…they were one of the originals with this program. Right along with WaMU and Countrywide.
It’s going to be interesting to see if CW responds to WA’s lawsuit. The days are counting down.
Right you are, World Savings, Golden West, Pick a Pay.
I don’t think they bought many Option Arms from other lenders however, like Countywide did. World Savings had a fairly unique product, among Option Arms.
Roger, I never did ONE option arm or deferred interest product…I know they worked for some folks…but I just could not wrap my arms around them (a pun!).
[...] Add in the world tensions with Israel and Iran, rebel threats in Nigeria…and record oil prices–we had a very volatile day in the markets. One lender that I work with has issued 5 different rate sheets (changes to rate) so far today losing approx. 0.50% in fee or 0.125-0.250% in conforming fixed rates since this morning. Rates are improved over what I posted last week. [...]