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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!  :) 

Mortgage Rates Rising with Inflation June 13, 2008

Rates are continuing their climb up upwards.  Helping to fuel this rise in rates, Greenspan has announced that markets are showing a “pronounced turn around” causing investors to trade the safety of bonds (such as mortgage backed securities) for stocks.   Great for stocks = bad for mortgage interest rates.   Mortgage rates are currently 0.25% higher than they were on last Friday’s rate post and 5/1 conforming ARMS have really jumped.   The change in rate from last week is italic.

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 Pt:  6.625% (APR 6.685%).   Up 0.25%.

30 Year Fixed with 10 Year Interest Only @ 0 Pt:  6.875%  (APR 6.932%).   Up 0.25%.

15 Year Fixed @ 0 Pt:  6.250% (APR 6.345%).  Up 0.25%.

5/1 ARM - LIBOR @ 0 Pt:  6.625% (APR 7.198%).  Up 1.00%.  ~  5/1 ARM - LIBOR @ 1 Pt:  5.750%  (APR 7.084%).  Up 0.50%.  (Just goes to show you how pricing can vary–it’s not always 0.25% in rate to 1% in fee).

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%).  Up 0.25%.

30 Year Fixed with 10 Year Interest Only @ 0 Pt:  7.125% (APR 7.197%).  Up 0.25%.

5/1 ARM @ 0 Pt:  6.375% (APR 7.244%).   Up 0.75%.

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:  7.625% (APR 7.684%).  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 with 1 point.

30 Year Fixed:  6.500% (APR 7.287%).   Up 0.25%.

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: 6.750% (APR 7.537%).   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:  6.500% (APR 6.828%).  Up 0.125%.

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, June 13, 2008 at 1:00 p.m. and may change at any time.  So far for the month of June, we’re averaging 2.5 intraday rate changes (based on a lender who does not change rates as often as others).   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.

Just a reminder, I’m pricing conventional mortgages based on zero origination/discount points.   You’re welcome to pay points to buy down your mortgage rate.  Typically, but not always, 1% of your loan amount will buy the interest rate down 0.25%.   

How would you like to see me price rates (with or without points) at Rain City Guide? 

I’d love your to hear your opinions on how you’d prefer to see rates posted and why. :)  :)

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.

Friday’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.

Friday’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!

Friday’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.

Friday’s Rates February 22, 2008

Conforming Rates: based on a sales price of $500,000 with a loan amount of $400,000 and minimum credit score of 680, full-doc mortgage with reserves (taxes and insurance included in the mortgage payments). Rates are priced based on a 45 day lock and are priced with 1 discount/origination point.

30 Year Fixed: 6.000% (APR 6.156%)

15 Year Fixed: 5.375% (APR 5.627%)

10/1 ARM - 5/2/5 Caps: 5.625% (APR 6.503%)

10/1 ARM Interest Only - 5/2/5/ Caps: 5.625% (6.541%)

7/1 ARM - 5/2/5 Caps: 5.125% (APR 6.551%)

FHA/VA 30 Year Fixed: 6.125% (APR 6.654%)

Jumbo (Non-Conforming Rates). Pricing based on purchase with 20% down and minimum loan amount of $417,001 with a minimum credit score of 680, full document loan with reserves and a 45 day lock.

30 Year Fixed: 6.875% (APR 7.020%)

10/1 ARM: 6.125% (APR 6.805%)

10/1 ARM Interest Only: 6.750% (APR 7.230%)

7/1 ARM Interest Only: 6.375% (APR 7.205%)

5/1 ARM: 5.500% (APR 7.036%)

Prime Rate (what HELOCs are based on): 6.000%

Rates are as of Friday, February 22, 2008 at 3:00 p.m. This is not a guarantee nor is it a commitment to interest rate. For your personal rate quote or for loan amounts over $650,000; please contact your Mortgage Professional.

Are Rates Shooting to the Moon? February 20, 2008

Don’t worry…I understand that Helicopter Ben and the US Military have shot down a spy satellite to help blow inflation out of the sky. Mortgage rates should improve tomorrow morning and I will report back on Friday with my weekly rates. I snapped this photo of the lunar eclipse in front of our home a few moments ago. DSC 0156

30 Year Fixed over 6%

There was a time when mortgage rates were…oh, yawn…pretty darn boring. Not any more. Oh the drama, the turbulence, the emotion!

Dan Green of The Mortgage Reports has an excellent post including some comic relief video explaining How Mortgage Rates Went From (Relative) Riches to Rags in 30 Days.

Dan’s post is a must read to understand how mortgage rates can go from 4.875% to 6.25% in a month’s time.

Hey…maybe I should change my post-photos to a frown when rates are going up?

Mortgage rates heading up February 15, 2008

Mortgage rates continue their trend upward and they don’t look like they’re coming back down soon. This market is still very volatile and as I always, I encourage you to lock and not float your interest rates if you a closing within the next 4-6 weeks. If you’re hunkering for more updates on the market than what I post here every Friday, you can follow me with my updates on Twitter.

The conforming loan limit is still $417,000. HUD has less than a month to publish what the values are for specific areas that the temporary conforming limit will be. The figure that is being whispered for the tri-county area is around $493,000. Count on Fannie and Freddie having an add to rate for loans from $417,001 - $[the tempoary loan limit]. This add could be anywhere from 0.25% to 1.00% to RATE. With FHA loan limits also being increased, FHA insured loans could become “the new jumbo”. Bottom line, we won’t know until this information is published and made available. At this point, there is a lot of speculation. If you have a potential mortgage with a possible loan amount from $417,001-$493,000; it may or may not be worth waiting for the loan limit to lifted.

Conforming Mortgage Rates (for the criteria I used to price these rates, check out last Friday’s rate post):

30 Year Fixed: 5.875% (APR 6.109%)

15 Year Fixed: 5.125% (APR 5.357%)

10/1 ARM Interest Only: 5.375% (APR 6.381%)

7/1 ARM: 5.000% (APR 6.479%)

5/1 ARM: 4.875% (APR 6.746%)

FHA/VA 30 Year Fixed: 6.000% (APR 6.529%)

Jumbo (Non-Conforming) Rates. For pricing criteria, please review the jumbo rate section from last Friday’s rates.

30 Year Fixed: 6.625% (APR 6.774%)

10/1 ARM Interest Only: 5.875% (APR 6.682%)

7/1 ARM: 5.375% (APR 6.659%)

Prime Rate (what HELOCs are based on): 6.00%

This is just a small sample of available rates and products for consumers with a minimum mid-credit score of 680, going full-doc with 20% down for a home purchase. The above rates are priced with 1 point and are based on a 45 day lock. Rates are as of Friday, February 15, 2008 at 12:00 p.m. 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 a Mortgage Professional.

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