This morning Fed Chairman Ben Bernanke and President Bush both gave speeches regarding our economy. Bottom line, if you have a mortgage and you're not taking care of your credit, do not expect a bail-out from the government. This is why I keep crowing to anyone who will listen: if you have any sort of a mortgage where the rate is not permanently fixed (i.e. ARMs and/or balloons), please contact your Mortgage Professional as soon as possible to review your current scenario. The more time you have to work on any possible credit (or other issues) the better off you'll be when it's time to restructure your current mortgage.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). Conforming rate quote below based on owner occupied, "full doc" with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000. 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: 6.125% (APR 6.281%). Payment per $1000 = $6.08.
30 Year Fixed with 10 Year Interest Only: 6.500% (APR 6.653%). Payment per $1000 = $5.42.
40 Year Fixed: 6.500% (APR 6.646%). Payment per $1000 = $5.85.
FHA 30 Year Fixed: 6.500% (APR 7.119%) Payment per $1000 = $6.32 (not including MI).
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: 7.250% (APR 7.402%). Payment per $1000 = $6.82.
30 Year Fixed with interest only payments: 7.375% (APR 7.528%). Payment per $1000 = $6.15.
10/1 ARM: 6.750% (APR 7.246%). Payment per $1000 = $6.40.
10/1 ARM with 10 Year Interest Only: 6.750% (APR 7.254%). Payment per $1000 = $5.63.
Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR. This is just a small sample available of rates and products. Rates are as of 8:30 this morning 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.
PS: Don't forget…the Jobs Report comes out next Friday!