Mortgage Rates and Holiday Closures

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Although this is a short week, it's packed full of economic reports to be released on Wednesday and Thursday.  Here are some of what's scheduled for release this week that may impact rates and I've also included county closures (for recordings):

Wednesday, December 22:  Existing Home Sales, Gross Domestic Product (GDP) and Chain Deflator

Thursday, December 23:  Personal Income Expenditure and Core PCE, Initial Jobless Claims, New Home Sales and Consumer Sentiment.  Pierce County Recorder's office closed.  Bond market closes early (11 am PST) for the holidays).

Friday, December 24:  Happy Holidays!  Mortgage Master Service Corporation will be closed in observance of Christmas.  All recording offices in Washington state are closed.

Rates posted below are as of 10:45 a.m. on December 20, 2010 and may have changed the moment this post was published.  The mortgage rates posted are priced based on a purchase transaction closing after December 12, 2010 and by January 27, 2011.

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 740 or higher, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 30-40 day closing with no prepayment penalties on any of the rates quoted below.

30 Year Fixed w/0.5 Points:  4.750% (APR 4.857%).  

15 Year Fixed w/1 Pt: 4.000% (APR 4.333%).  

10/1 LIBOR ARM 5/2/5 CAPS and 2.25 margin w/1 Pt: 4.375% (APR 5.731%).  The highest the rate could be at the first period at 120 months is 9.375% and the lowest is 2.25%.

7/1 LIBOR ARM 5/2/5 CAPS and 2.25 margin w/1 Pt: 3.500% (APR 5.786).  The highest the rate could be at the first adjustment period in 84 months at 8.500% and the lowest is 2.25%.

5/1 LIBOR ARM 5/2/5 CAPS and 2.25 margin with 1 Point: 3.125% (APR 6.117%). The highest the rate could be at the first adjustment period at 60 months is 8.125% and the lowest is 2.25%.

Conforming High Balance 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 $625,000 and a $500,000 loan amount. 

30 Year Fixed w/1 Pt: 4.875% (APR 5.024%) 

Jumbo/Non-Conforming. Loan amounts up to 1 million for ARMs and 1.5 million for the 30 year fixed. The quotes below are based on 740 or higher credit scores with 80% loan to value with a loan amount of $700,000.

30 Year Fixed with 1 point: 5.500% (APR 5.797).

7/1 ARM 5/2/5 CAPS and 2.25 margin priced with 1 Pt: 4.500% (APR 6.241%).  The highest the rate could be at the first adjustment period at 84 months is 9.500% and the lowest is 2.25%.

5/1 ARM 5/2/5 CAPS and 2.25 margin priced with 1 Pt: 4.125% (APR 6.446%).  The highest the rate could be at the first adjustment period at 60 is 9.125% and the lowest is 2.25%.

FHA. Pricing based on credit score of 660 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties.  Scenario priced based on a $400,000 sales price with 3.5% down payment.  NOTE:  FHA ARMs are available too–contact me for your personal quote.

30 Year Fixed Priced w/1 pt: 4.625% (APR 5.082). 

FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties with a 660 or higher mid-credit score.   Scenario below priced on a $585,000 sales price with 5% down payment (3.5% minimum down payment is currently available).

30 Year Fixed Priced w/0 pts: 4.750% (APR 5.521%).

VA. Pricing based on credit scores of 660 or better and based on loan amounts up to $417,000. (NOTE:  The King, Pierce & Snohomish County VA loan limit is $481,250.  VA Jumbo loans are also available).

30 Year Fixed w/1.25 Pt: 4.625% (APR 4.903%).

For more information on mortgage trends, visit www.seattlemortgageplanner.com

Mortgage interest rates on this post are quoted based on single family dwelling (non condo), includes reserves (taxes & insurance) not being waive and no prepayment penalties. 

This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate.  *For purposes of this post: "1 point" is 1% of the loan amount and would be reflected on Page 2, Section A of the new Good Faith Estimate. Unless the rate is bought down; there are zero discount points referenced which would be reflected on Section A, Page 2 (Your Adjusted Origination Charges) of HUD's Good Faith Estimate.   

Rates are as of December 20, 2010 at 10:45 a.m. and may change at any time. Available programs may change at anytime as well.  To see rates that I'm quoting "live" click here.

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