Rates on a Rocky Ride July 18, 2008
It’s been tough on mortgage backed securities this week. Today there are no economic indicators being released and compared to last week’s rates, they’re up across the board. The Tim, from Seattle Bubble, made a special request that I show the weekly difference between posts…which I used to do with RCG Rates…which such a dramatic increase to rates this week, his request is quite timely. Mortgage rates continue to be very volatile and even as I post this, I’m receiving new rate sheets for the worse.
Rates below are based with one point (1% total origination/discount fee). To see this morning’s rates based on zero points (no origination and no discount points), click here.
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 45 day lock with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Pt: 6.500% (APR 6.664%) up 0.375% to rate.
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 6.625% (APR 6.775%) up 0.375%
15 Year Fixed @ 1 Pt: 6.000% (APR 6.262%) up 0.375%
5/1 ARM - LIBOR @ 1 Pt: 5.500% (APR 7.001%) up 0.125%
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 @ 1 Pt: 6.625% (APR 6.781%) up 0.375%
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 6.875% (APR 7.020%) up 0.25%
5/1 ARM @ 1 Pt: 5.875% (APR 7.141%) up 0.50%
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 @ 1 Pt: 7.750% (APR 7.917%) up 0.125%
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: 6.624% (APR 7.421%) up 0.50%
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: 6.750% (APR 7.421%) up 0.375
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: 6.625% (APR 6.958%) up 0.25%
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, July 18, 2008 at 8:00 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.
Check out these related posts:
Article Tags>> conforming | FHA | interest-rate | jumbo | Mortgage and Lending | rates | va
- Posted in : Mortgage and Lending
- Author : Rhonda Porter
Comments»
I thought comments were disabled on rates posts. Also, did the little red and green arrows not work, or did you just decide that words would make more sense?
The Tim, I’m so short of time today…I will add the arrows in a future post (time permitting)…I think they look great.
I added comments back to rates a couple weeks ago.
PS I typically try to post rates here later in the day so that if (more like when) we have changes to rate, I can post a link over on the rates I post in the morning at Mortgage Porter to direct readers here for more current rates. Today…I don’t have enough time (busy work day and trying to get my son off to his grandparents for vacation) so I posted both at the same time–here w/a point factored into the rate and at MP w/0 points.
You listed the 30 year standard rate for 1-pt and 0-pt at 6.5%. I suspect this is a typo.
Thanks, Alan. I corrected the rate at Mortgage Porter: 0 Pts @ 6.75% (6.818 apr).
Quick reminder: Jobs Report comes out tomorrow. I recommend locking ahead of the report being released…but hey…I always lean towards locking. Why gamble this market? I will be posting updated rates tomorrow.
[...] The Tim, I’m sorry…I have no time today for the up and down arrows indicating rate changes for this post…I’ll do happy or sad faces instead (I do plan on using the arrows when I have the time). The improved/worse rates are compared to when I last quoted rates two weeks ago at Rain City Guide. [...]