News Channel Mortgage

Mortgage rates continue to trend upwards like mummies crawling out of their graves.  (Sorry…bad reach. Booooo).  October has been terrible for rates!  The good news is that after today, it’s over!   Happy Halloween. 

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Conforming rates are averaging 0.125% higher than last week’s post and the temporary jumbo rates are 0.375% higher in rate.  Next week, we should be learning what the new loan limits for 2009 will be for conforming jumbo and FHA jumbo loans.    We’ll end next week with the goulish Jobs Report.  Most traders should all ready be factoring bad news into their brew.

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:  6.25% (APR 6.564%)  0.125% to rate

30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.125% (APR 7.282%). Same rate as last week’s post.

15 Year Fixed @ 1 Pt: 6.000%  (APR 6.260%) 0.125% to rate

5/1 ARM - LIBOR @ 1 Pt:  6.250%  (APR 7.301%)   0.50% to rate

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 6.780%)  0.375% 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%)   0.125% 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:  Pt: 7.125% (APR 7.818%)   0.375% 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.  

30 Year Fixed @ 1 Pt:  6.625% (APR 6.750%) same

Non-owner occupied/Investment Property.  Pricing based on 25% down payment with a $400,000 sales price and credit scores between 720-739.

30 Year Fixed @ 1 Pt:  7.250% (APR 7.434%).  same.

Prime Rate (what HELOCs are based on):  4.00%    0.50%

12 Month LIBOR (what a majority of ARMs are based on): 3.2818% per WSJ.

This is just a small sample available of rates and products.  Rates are as of Friday, October 31, 2008 at 12:00 p.m. and may change at any time.  Available programs may change at anytime as well.    Check out RCG’s new Mortgage Info page for live rate quotes.

This is not a guarantee nor is it a commitment of interest rate.

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Just Tricks…No Treats for Friday’s Rates

• Friday’s Rates
• Friday Rates
• Friday’s Rates
• Friday’s Rates
• Friday’s Rates

It’s really interesting pricing rates these days.  I used to be able to use one lenders rates and compare to a pricing engine I use to make sure the rate was correct.  With how volatile the markets are, I have to check several lenders to try to find the rate I would quote based on the criteria I’ve described below.  For a 30 year fixed conforming mortgage, there’s an easy 0.25% difference in rate with the various banks/lenders our company works with.   Some lenders are changing rates more often than others and rates rise much quicker than they fall.  Even though we have fewer options (wholesale) to chose from, I thankful to have them. 

Pricing rates from Friday to Friday is not showing you an accurate picture of just how much rates change during the week.   Things are not as calm as they might appear.  ;)  Just this week, on Twitter, I’ve quoted anywhere from 6.125 - 6.625% for a 30 year fixed with priced with 1 point (apr 6.282-6.894%).

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:  6.125% (APR 6.564%)  0.125% to rate since last Friday’s post.  

30 Year Fixed with 10 Year Interest Only @ 1 Pt: 7.125% (APR 7.282%) unchanged

15 Year Fixed @ 1 Pt: 5.875% (APR 6.133%) unchanged

5/1 ARM - LIBOR @ 1 Pt:  6.000%  (APR 7.200%) unchanged 

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%) unchanged

5/1 LIBOR @ 1 Pt:  6.375% (APR 7.164%)  0.5%

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: 6.500% (APR 7.191%)   0.125% 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: 6.750% (APR 7.191%)  0.5% 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.  

30 Year Fixed @ 1 Pt:  6.625% (APR 6.750%) unchanged

Prime Rate (what HELOCs are based on):  4.500%  unchanged.  Note: the next scheduled FOMC meeting is October 28-29, 2008. 

This is just a small sample available of rates and products.  Rates are as of Friday, October 17, 2008 at 12:30 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.

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Rates for Friday Afternoon

• Mortgage Rates on a Friday Afternoon
• Friday’s Rates following the Rescue/Bail Out
• Friday’s Rates
• Friday Rates
• Mortgage Rates on a Frantic Friday

Remember the saying “if all you have is a hammer, everything looks like a nail“?

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There have been so many factors that typically influence the direction of mortgage rates over this past week, it’s amazing.  Just this morning we had another dismal Jobs Report with a greater loss than expected (for the 9th consecutive month); typically, this would improve mortgage interest rates.  However, as Jillayne mentions, there are rumors of the FOMC cutting interest rates; which tends to increase mortgage interest rates (bonds react negatively to inflation).  Last but not least, we have the House passing the Rescue Bill…and, after all this drama, rates are for the most part, unchanged from this morning and last week (comparing Friday to Friday).

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:  5.875% (APR 6.029%) unchanged

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.375% (APR 6.520%) unchanged

15 Year Fixed @ 1 Pt: 5.500% (APR 5.753%) unchanged

5/1 ARM - LIBOR @ 1 Pt:  5.875%  (APR 7.135%)   0.125% to rate

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: 6.000% (APR 6.148%) unchanged

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  7.375% (APR 7.529%) unchanged

5/1 LIBOR @ 1 Pt:  6.500% (APR 7.142%)   0.375% 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: 6.250% (APR 6.933%)  unchanged

FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  

30 Year Fixed @ 1 Pt: 6.625% (APR 7.312%) 0.25% 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:  6.375% (APR 6.497%) unchanged

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, October 3, 2008 at 1:45 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 me on Twitter.

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Friday’s Rates following the Rescue/Bail Out

• Friday’s Rates
• Mortgage Rates on a Friday Afternoon
• Friday’s Mortgage Interest Rate Update
• Friday’s Rates
• Friday Rates

The Federal Reserve held interest rates steady at 2%, rebuffing some talk of another interest rate cut in light of the recent meltdown of Lehman and AIG. This was the first time in a year the vote by the FOMC was unanimous.

Here’s the statement:

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.

Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.

Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.

The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.

We know that the Fed has been pumping cash in to the system to keep effective interest rates from skyrocketing (like the LIBOR) as banks horde cash, so while they are holding pat on the interest rate, they are doing plenty to flood the market with cash in an attempt to keep interest rates from spiking on fears of bank failure.

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A dismal Jobs Report with the highest unemployment in 5 years and revisions for the worse to previous reports isn’t much to about…unless you’re in the market for a new mortgage.  This bad news for the economy translates to improved mortgage interest rates.   Currently (at the time of this post) I’m on my second rate sheet from many of the lenders I work with and day is not over yet and rates continue to be very volatile.

On a side note, let me know if you prefer the arrows (as shown today) or the smile/frown faces to indicate the change in rate from my Friday postings.

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:  6.000% (APR 6.155%)   0.25% to rate

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.375% (APR 6.520%) by 0.125%

15 Year Fixed @ 1 Pt: 5.500% (APR 5.649%)  by 0.125%

5/1 ARM - LIBOR @ 1 Pt:  5.625%  (APR 7.050%)  by 0.375%

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.  NOTE: The Conforming-Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.125% (APR 6.273%)  by 0.125%

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.500% (APR 6.639%)  by 0.25%

5/1 ARM @ 1 Pt: 6.125% (APR 7.243%) unchanged

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: 7.250% (APR 7.409%)  by 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: 6.125% (APR 6.931%)  by 0.25%

FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  NOTE:  The FHA Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.250% (APR 7.009%) by 0.125%

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:  6.125% (APR 6.444%) by 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, September 5, 2008 at 12:00 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.   To see live rate quotes for various scenarios, check out my Twitter.

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Interest Rates following the Jobs Report

• Friday’s Rates
• Friday’s Rates
• Friday Rates
• Friday’s Mortgage Interest Rate Update
• Friday’s Rates

The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt).   Overall, rates are slightly improved to unchanged and do continue to be volatile.

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 @ 1 Pt:  6.250% (APR 6.410%)  improved by 0.125% to rate. 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.500% (APR 6.648%) unchanged

15 Year Fixed @ 1 Pt: 5.625% (APR 5.880%) improved by 0.25% to rate. 

5/1 ARM - LIBOR @ 1 Pt:  6.000%  (APR 7.200%)  worse by 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.  NOTE: The Conforming-Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.250% (APR 6.499%) improved 0.125%.

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.750% (APR 6.896%) unchanged

5/1 ARM @ 1 Pt: 6.125% (APR 7.243%) unchanged

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: 7.500% (APR 7.656%) improved 0.25% 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: 6.375% (APR 7.158%) improved 0.125% to rate.   :)

FHA-Jumbo. Pricing based on loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  NOTE:  The FHA Jumbo loan limit will be reduced to $522,100 effective January 1, 2009.

30 Year Fixed @ 1 Pt: 6.375% (APR 7.133%) improved 0.125% 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:  6.375% (APR 6.%) improved 0.125% to rate. 

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, August 29, 2008 at 1:00 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.   To see live rate quotes for various scenarios, check out my Twitter.

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Friday’s Mortgage Interest Rate Update

• Mortgage Rates on a Friday Afternoon
• Friday’s Rates
• Friday’s Rates
• Friday’s Rates
• Friday Rates

How lucky am I?  It’s a beautiful sunny 85 degrees in Seattle and mortgage rates, for the most part, are pretty much the same as what I posted last week (as of 1:00 today).   That makes for a real easy post! 

Well…almost.  As I price out mortgage rates with the various resources we have, there is quite a difference.  Normally, banks are all within a close range of each other.   However, since Fannie and Freddie are adjusting their LLPA (adverse market pricing) effective on loans purchased by Fannie beginning October 1 for Fannie, Freddie follows in November), some lenders are all ready factoring in the price hits.  Others are not.  Right now, if you’re not working with a Correspondent Lender or Mortgage Broker (where they shop rates for you), it pays to shop the various mortgage banks.   As we draw closer to early September, we’ll see everyone pull closer together and less of a divide.

Here is the Adverse Market Delivery Charge (this is separate from the credit score based pricing) on loans purchased from Fannie on October 1, 2008 or later which are to price (not rate) for mortgages with terms greater than 15 years:

Loan to value 60.01 - 75% (no changes w/Fannie’s LLPA, check out my previous post for the hits.  Fannie added more loan to value brackets for their adverse market pricing)

Loan to value of 75.01 - 80%

Credit score 720 -739 = 0.25% price hit

Credit score 700 - 719 = 0.75% price hit

Credit score 680 - 699 = 1.00% price hit (this is approx. 0.25% to rate on average)

Credit score 640 - 659 = 1.75% price hit

Credit score 620 - 639 = 2.75% price hit

Loan to value 80.01 - 85%

Credit scores 720 and above = no hits (this is not a typo.  The higher ltv has better pricing than under 80% if you compare above–yes the borrower will have private mortgage insurance…but…).

Credit scores 680 - 719 = 0.50% price hit

Credit scores 660 - 679 = 1.50% price hit

Credit scores 640 - 659 = 2.00% price hit

Credit scores 620 - 639 = 2.75% price hit

Loan to values greater than 85%

Credit scores over 720 = no price hit

Credit scores 680 - 719 = 0.25% price hit

Credit scores 660 - 679 = 1.00% price hit

Credit scores 640 - 659 = 1.50% price hit

Credit scores 620 - 639 = 2.25% price hit

FHA mortgages will continue to become more and more attractive as the conforming guidelines continue to be challenging and the loans are becoming more expensive.    Any one considering obtaining a mortgage should make sure that their loan originator is FHA approved (check out HUDS approved lender list)–even if the borrower doesn’t think they’ll need an FHA mortgage.   It may prove to be a better loan and odds are a loan originator who is not able to legally provide FHA financing will not suggest you seek out a loan originator who can provide FHA loans.

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Mortgage Rates on a Summer Day & Adverse Market Pricing

• Major Credit Score Rate Adjustments — The Hits Keep Coming
• Credit Scores, Government Loans and 100% Financing
• The Difference between a 679 and a 680 Credit Score
• Just How Much Your Credit Score Impacts Your Interest Rate
• Rates, Rumors and Reaction

Changes to rate are noted with a  :)  for a rate improvement or :(  when rates are higher than what I posted last week.   Seems like ever since The Tim from Seattle Bubble gave me up & down arrows, I’ve been busier–thanks The Tim! 

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 @ 1 Pt:  6.375% (APR 6.535%)  worse by 0.125% to rate. 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.500% (APR 6.648%) unchanged

15 Year Fixed @ 1 Pt: 5.875% (APR 6.135%) unchanged

5/1 ARM - LIBOR @ 1 Pt:  5.875%  (APR 7.150%)  worse by 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: 6.375% (APR 6.531%) worse by 0.125% 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.750% (APR 6.896%) worse 0.125%   :(

5/1 ARM @ 1 Pt: 6.125% (APR 7.243%) unchanged

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 7.656%) worse 0.25% 

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: 6.500% (APR 7.287%) worse 0.125% 

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%) unchanged

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:  6.500% (APR 6.824%) unchanged

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, August 8, 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.   To see live rate quotes for various scenarios, check out my Twitter.

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Mortgage Rates on a Friday Afternoon

• Friday Rates
• Friday’s Rates
• Rates for Friday
• Friday’s Rates
• Friday’s Rates

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!  :) 

• Friday’s Rates
• Friday’s Rates
• Friday’s Rates
• Friday Rates
• Friday’s Rates

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