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Mortgage Rates on a Frantic Friday
All I can say is THANK GOD IT’S FRIDAY! What a gut wrenching week this has been for the global markets. I truly hope that no one has tried to float their interest rates during this time, especially since most lenders can and will re-negotiate or float down your rate should they improve. Those waiting to lock over this past week have been burned. Of course this coming from someone who typically always has a locking stance. 
Monday, October 13, 2008 is Columbus Day and the bond markets and banks will be closed.
Rates are increased across the board. The only green you’ll find on today’s rates is for Prime, which was reduced by 0.5% when the FOMC cut the Funds Rate.
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 mid-low credit score of 720-739, “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: 6.250% (APR 6.409%) 
by 0.375% to rate since last Friday’s post.
30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.125% (APR 7.282%) by 0.75% to rate.
15 Year Fixed @ 1 Pt: 5.875% (APR 6.133%) by 0.375% to rate. (up 0.5% from 9/12/2008).
5/1 ARM - LIBOR @ 1 Pt: 6.000% (APR 7.200%) unchanged . (up 0.625 from 9/12/2008).
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: 6.500% (APR 6.653%) by 0.50% to rate
5/1 LIBOR @ 1 Pt: 6.625% (APR 7.315%) by 0.125% to rate
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: 6.625% (APR 7.318%) by 0.375% to rate
FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.
30 Year Fixed @ 1 Pt: 7.250% (APR 7.945%) by 0.625% to rate
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 6.750%) by 0.375% to rate
Prime Rate(what HELOCs are based on): 4.500% 0.5%
This is just a small sample available of rates and products. Rates are as of Friday, October 10, 2008 at 11:30 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. To see live rate quotes, you can follow my Twitter.
Posted: October 10th, 2008 under Mortgage and Lending.
Tags: conforming, conventional, FHA, interest-rate, jumbo, mortgage-rate, va
About the Author: Rhonda Porter
- Author's website: http://www.mortgageporter.com
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Comments
2.
Comment
from Rhonda Porter
Time October 15, 2008 at 8:16 am
30 Year fixed is 6.625% this morning priced with 1 point (apr 6.894). Rates are up 0.375% in just a few days. This quote is based on all the criteria I have mentioned above for rate quotes:
Loan amount $400k w/80% LTV purchase (lower loan amts may not qualify for the rate).
720-739 mid credit scores (higher or lower credit scores will produce a different rate)
45 day lock (closing 30-40 days)
Full doc loan with taxes and insurance included in payment (paying your own taxes and insurance cost 0.25%)
As always, I’m sharing live rate quotes on my twitter page. If you visit http://www.twitter.com/mortgageporter you’ll see something like this (for the above quote) when ever I’m quoting a rate, preparing a good faith estimate or locking in a rate:
Latest: Quoting 6.625% for 30 yr $400k loan amt w/20% down and 720-739 credit. (apr 6.894) priced with 1 pt. This is up 0.25% in rate from yesterday8 minutes ago
You can subscribe (or follow) my rate quotes to at least have an idea of what direction the market is trending. The quotes will provide basic credit score and ltv info as that impacts pricing.
1. Comment from Rhonda Porter
Time October 14, 2008 at 4:19 pm
This slipped by me last week: Citi is reducing their wholesale division. This is from one of their bullitens:
From what I understand, they’re eliminating their broker relations and are staying with correspondent lenders (we still work with Citi and are not impacted yet) reducing their client base from 9,000 to 1,000.