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.
Sphere: Related ContentFriday’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.
Sphere: Related ContentRates for Friday April 11, 2008
With the new credit score based pricing, rates below are based on a 720 credit score. Most mortgage rates are now credit score based. Mortgage rates continue to be very volatile and often change several times a day.
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: 5.625% (APR 5.769%)
30 Year Fixed with 10 Year Interest Only: 6.000% (APR 6.149%)
5/1 ARM: 5.125% (APR 6.846%)
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. (For other conforming-jumbo loan limits in Washington state, click here); specifically priced for a sales price of $650,000 and a $520,000 loan amount.
30 Year Fixed: 6.000% (APR 6.143%)
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/VA. Pricing based on credit score of 620 or better and loan amounts up to $362,790 for FHA in King, Snohomish and Pierce Counties and up to $417,000 for VA.
30 Year Fixed: 5.75% (APR 6.018%).
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: 6.000% (APR 6.775%)
VA-Jumbo (loan amounts of $417,001 - $950,000).
30 Year Fixed: 6.000% (APR 6.317%)
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 11, 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 please contact your local Mortgage Professional.
Sphere: Related ContentFriday’s Rates April 4, 2008
Rates improved slightly from this morning following the Jobs Report today. With the new credit score based pricing, rates below are based on a 720 credit score. For your personal rate quote, please contact your local Mortgage Professional.
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: 5.500% (APR 5.643%)
30 Year Fixed with 10 Year Interest Only: 6.000% (APR 6.149%)
15 Year Fixed: 5.125% (APR 5.363%)
5/1 ARM: 5.250% (APR 6.943%)
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: 6.250% (APR 6.399%)
5/1 ARM Interest Only: 6.625% (APR 7.458%)
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/VA. Pricing based on loan amounts up to $362,790 for FHA in King, Snohomish and Pierce Counties and up to $417,000 for VA.
30 Year Fixed: 5.750% (APR 6.018%).
FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.
30 Year Fixed: 5.875% (APR 6.647%)
VA-Jumbo (loan amounts over $417,001 - $950,000).
30 Year Fixed: 6.000% (APR 6.317%)
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 4, 2008 at 3:30 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.
Sphere: Related ContentMortgage Rates on a Good Friday March 21, 2008
I’m not anticipating any rate changes today (but anything could happen in the mortgage world these days) as the markets are closed in observance of Good Friday. Pricing of mortgage rates is definitely going through a limbo phase with the addition of “jumbo-conforming” and “jumbo-FHA”. ARMs are simply not attractive right now and therefore I’m not pricing them today. With the new credit score based pricing, rates below are based on a 720 credit score. Most mortgage rates are now credit score based. For your personal rate quote, contact your Mortgage Professional.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The 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: 5.500% (APR 5.643%)
30 Year Fixed with 10 Year Interest Only: 6.375% (APR 6.514%)
15 Year Fixed: 5.000% (APR 5.166%)
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. (For other conforming-jumbo loan limits in Washington state, click here).
30 Year Fixed: 6.25% (APR 6.400%)
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%)
30 Year Fixed 10 Year Interest Only Payments: 7.375% (APR 7.542%)
FHA/VA. Pricing based on loan amounts up to $362,790 for FHA in King, Snohomish and Pierce Counties and up to $417,000 for VA.
30 Year Fixed: 5.75% (APR 6.018%).
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: 6.00% (APR 6.741%)
VA-Jumbo (loan amounts over $417,001 - $950,000).
30 Year Fixed: 5.75% (APR 6.061%)
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, March 21, 2008 at 8:30 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.
Sphere: Related ContentFriday’s Rates March 14, 2008
I’m going to put on my thinking cap for how I’ll do future rate post…I’ll have to play around with this as rates are becoming more challenging to provide a broad quote. These are historic times and I’m glad to be experiencing this first hand…maybe I’m being positive because it’s Friday! 
Future rates may show: conforming, conforming-jumbo, jumbo, fha, fha-jumbo, va…it’s going to be interesting to say the least.
I also post rates on my mortgage blog. I try to post one in the morning and another in the afternoon since it’s no longer uncommon to have 3-5 rate changes during the day.
Don’t forget, the FOMC is scheduled to meet on Tuesday, March 18…if they reduce the funds rate, mortgage rates may increase as this is viewed as inflationary: good for your HELOC — bad for your unlocked mortgage rate.
Here are Friday’s rates…they may be no longer valid by the time I’ve posted them!
Sales price $500,000 with a conforming loan in the amount of $400,000. Taxes and insurance are included in the mortgage payment and the loan is “full doc” with a 45 day lock.
30 Year Fixed - Credit Scores 720 or better: 5.75% (APR 5.896%)
30 Year Fixed - Credit Scores 680 to 719: 5.875% (APR 6.023%)
30 Year Fixed with 10 Year Interest Only Payments - Credit Scores 680 or better: 6.125% (APR 6.258%)
15 Year Fixed - Credit Scores 680 or better: 5.000% (APR 5.166%)
Adjustable rate mortgages (ARMs) are currently not offering rates better than conforming fixed.
Sales price $625,000 with a non-conforming loan amount of $500,000. Taxes and insurance are included in the mortgage payment and the loan is “full doc” with a 45 day lock.
30 Year Fixed - Credit Scores 680 or better: 7.00% (APR 7.160%)
30 Year Fixed 10 Year Interest Only Payments - Credit Scores 720 or better: 7.125% (APR 7.273%)
30 Year Fixed 10 Year Interest Only Payments - Credit Scores 680 - 719: 7.500% (APR 7.654%)
10/1 ARM - Credit Scores 680 or better: 6.500% (APR 7.081%)
10/1 ARM Interest Only - Credit Scores 720 or better: 6.625% (APR 7.161%) –not available without ugly fees under 720.
5/1 ARM Credit Scores 680 or better: 6.000% (APR 7.191%)
5/1 ARM Interest Only Payments - Credit Scores 720 or better: 6.250% (APR 7.314%).
FHA/VA: 5.875% (APR 6.654%).
Rates are posted reflect those from 9:00 a.m. on Friday, March 14, 2008. Rates change constantly and rates posted are not guaranteed. Many factors will influence what your available interest rates are. Contact a Mortgage Professional in your area for a rate quote tailored for your personal scenario.
On St. Patty’s Day, it’s my understanding we may have more lenders rolling out their pricing for the jumbo-conforming and jumbo-FHA mortgages…stay tuned!
Sphere: Related ContentFannie Mae’s Jumbo-Conforming Loan Guidelines March 10, 2008
I started this post with the plans of announcing the pricing for the Jumbo-Conforming mortgages…however, I just don’t have enough facts to do so yet. It looks like Fannie Mae’s add to rate is 0.25%…however, lenders will most likely have their own add to rate as well. (So far, I’ve only seen a jumbo-conforming rate from one lender which was in the high 6 range for a 30 year). As soon as I have more data, I’ll let you know.
Here is some basic information from Fannie Mae regarding temporary Jumbo-Conforming mortgages (loan amounts from $417,001 - $567,500 for King, Pierce Snohomish Counties):
Purchase Mortgages/Principal Residence
Fixed Rate: Max LTV/CLTV 90%. Minimum Mid-Score LTV>80%: 700 / LTV = or <80%: 660.
ARMs: Max LTV/CLTV 80%. Minimum Mid-Score: 660%
Limited Cash Out Refi (Limited cash out means you can recieve a maximum of $2000 cash back at closing).
Fixed/ARMs: Max LTV 75%/Max CLTV 95%. Minimum Mid-Score: 660
Cash out refinances are not eligible (this includes paying off a second mortgage with a refinance, which is considered “cash out”). Update 4/7/2008: Fannie Mae just issued clarification on this guideline: they will now treat paying off a purchase money second as a limited cash out refinance.
*Full doc only.
*2 months reserves (PITI) are required for primary residence.
*45% maximum DTI ratio.
*ARMS are qualified on the fully amortized PITI at the higher of the note rate or fully indexed rate.
*Limited to four financed properties, including the borrower’s principal residence.
Remember, this coach turns back into a pumpkin on December 31, 2008.
Lenders will start pricing “jumbo conforming” anytime…stay tuned!
Sphere: Related ContentFriday’s Rates are in Limbo March 7, 2008
We are in “limbo” while we wait for Fannie/Freddie and the lenders to figure out what the pricing will be for the temporary 
conforming loan limits.
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 minimum credit scores of 680 with an 80% loan to value or lower, a loan amount of $400,000, and with 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: 6.00%. (APR 6.149%)
30 Year Fixed with 10 Year Interest Only: 6.375%. (APR 6.514%)
10/1 ARM: (is currently higher than the 30 year fixed).
5/1 ARM: 5.250% (APR 6.895%)
5/1 ARM 10 Year Interest Only: 5.625% (APR 7.081%)
FHA/VA 30 Year Fixed: 6.000%% (APR 6.529%). Payment per $1000 = $5.92. (not including FHA mortgage insurance).
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: 7.000% (APR 7.161%)
7/1 ARM: 6.125% (APR 7.051%).
Prime Rate (what HELOCs are based on): 6.00%
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. If you were considering a conforming product that offered a 10 year fixed period with interest only payments and relied solely on APR, you would wind up choosing the mortgage with a higher note rate by 0.75%! This is $250 more per month on a $400,000 mortgage.
This is just a small sample available of rates and products. Rates are as of Friday, March 7, 2008 at 3:15 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 or for loan amounts over $650,000, please contact me.
Sphere: Related ContentFriday’s Rates for Leap Day February 29, 2008
Today, negative economic news caused a significant sell off and traders “leaped” from stocks to the security of bonds, such as mortgage backed securities. Rates have improved by roughly an 0.125% since this morning. Mortgage rates remain highly volatile and (as always) I recommend locking over floating…especially as we get closer to the FOMC meeting on March 18, 2008. It’s highly anticipated that the Fed will once again cut rates; this is viewed as inflationary which tends to have a negative reaction to bonds (mortgage rates).
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 minimum credit scores of 680 with an 80% loan to value or lower, a loan amount of $400,000, and with 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: 5.625%. (APR 5.769%)
30 Year Fixed with 10 Year Interest Only: 5.875% (APR 6.007%). Tip: Check out the 10/1 Interest Only ARM below if you are considering this product. Both of these programs offer fixed rates for 10 years–the 10/1 ARM offers a lower rate by a full half point.
10/1 ARM Interest Only: 5.250% (APR 6.308%).
10/1 ARM: 5.250% (APR 6.257%)
15 Year Fixed: 4.875%% (APR 5.107%).
7/1 ARM: 4.750% (APR 6.360%).
5/1 ARM: 4.625% (APR 6.652%).
FHA/VA 30 Year Fixed: 5.875%% (APR 6.404%). Payment per $1000 = $5.92. (not including FHA mortgage insurance).
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: 6.625% (APR 6.781%)
10/1 ARM: 5.875% (APR 6.656%).
10/1 ARM Interest Only Payments: 6.625% (APR 7.164%).
7/1 ARM Interest Only Payments: 6.375% (APR 7.203%).
7/1 ARM: 5.250% (APR 6.606%).
Prime Rate (what HELOCs are based on): 6.00%
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. If you were considering a conforming product that offered a 10 year fixed period with interest only payments and relied solely on APR, you would wind up choosing the mortgage with a higher note rate by 0.75%! This is $250 more per month on a $400,000 mortgage.
This is just a small sample available of rates and products. Rates are as of Friday, February 29, 2008 at 2:00 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 or for loan amounts over $650,000, please contact me.
Sphere: Related ContentWill St. Patty’s Day Bring Us Luck with Conforming Loan Limits? February 28, 2008
By mid-March, HUD is required to publish what they determine to be median home prices which Fannie Mae and Freddie Mac will be using for what the temporary loan limits will be (125% of the median home price). I’m hopeful that Fannie, Freddie and banks are working dilingently NOW on what the guidelines and pricing will be for this new bracket of loans priced from $417,001 to the new temporary limit and that we’re not waiting after the loan limits are announced for lenders to figure out how they’re going to deal with the new loans.
I’m currently working with a couple who are looking at homes priced around $600,000. They could be perfect candidates for the new conforming loan limit. With 20% down, they will have a loan amount of $480,000. Here are a few scenarios I shared with them:
Structuring the mortgage as a jumbo compared to with a conforming first and second mortgage (heloc):
I am really favoring the 10 year ARM right now. Ten years is a heck of long time. Picture you and your life 10 years ago…and 
try to imagine your life 10 years from now. Mortgage planning is about selecting the right product that suits your long and short term financial pictures. If you select a 30 year fixed mortgage, yet you keep the home for less than 10 years, you may be losing hundreds of dollars every month. With that said, you cannot put a value on “peace of mind”. If you are going to lose sleep at night because you have an adjustable rate mortgage (that is fixed for ten years) then don’t do it. Go for the long term mortgage. Personally, I would lose sleep over not having the long term savings. It is a choice…YOUR choice. BTW…the photo of me might be closer to 13-14 years ago! 
Of course this couple could wait and see what the new loan limits may be…this plan has potential to backfire however. I’m hearing that the add to rate may be anywhere from 0.25% to 1.000% to rate for loans over $417,000. Worse case, the new conforming loan limit would still have rates where our jumbo rates currently are. Plus, we still don’t know what the new limits are. It’s highly speculated that our area will see the limit just shy of $500,000 (speculated being the key word). However if the add to rate is significant enough, then the new limit will make little difference to our current “jumbo” rates.
With the Fed meeting on March 18, 2008 and an anticipated 0.50% rate cut in the works, mortgage rates may very well be higher by that time . The Fed cutting rates typically causes mortgage bonds to react for the worse as it is an inflationary sign. It’s great for your HELOC, not so for your unlocked mortgage rate.
My advise is for my clients to proceed with an approval now. If the new conforming rate proves to be a better scenario for them while we’re in transaction, it’s easy for us to change plans (as long as we’re more than a week from closing).
Sphere: Related Contentolder posts »
