The exciting news all over our industry is the extension and the addition to the homebuyer tax credit. That news helped the interest rate market finish up the week anywhere from .125% to .25% better than it started depending on loan product.
The 5/1 ARM and the 30 yr fixed rates are looking very good right now! In addition the 5/1 Jumbo ARM is the lowest it has been in almost a year!!
Thank you very much for your referrals and business and I look forward to working with you soon. Please do not hesitate to call me over the weekend if you have any clients you need me to consult with.
Have a great weekend!
Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Friday, 6th November, 2009:
Term
Conforming
APR
Payment per
$1,000
Jumbo
APR
Payment per
$1,000
30 yr Fixed
360
4.75%
4.879%
$5.22
5.50%
5.590%
$5.68
15 yr Fixed
180
4.25%
4.472%
$7.52
%
0.000%
$0.00
FHA
360
5.00%
5.131%
$5.37
%
0.000%
$0.00
VA
360
5.00%
5.131%
$5.37
%
0.000%
$0.00
5-1 ARM
360
3.25%
3.368%
$4.35
4.625%
4.711%
$5.14
5-1 ARM Interst-only
360
3.50%
3.620%
$2.92
%
0.000%
$0.00
USDA
360
5.00%
5.131%
$5.37
%
0.000%
$0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
**APR for the conforming rate is based off of a loan amount of $200,000. APR for the jumbo rate is based off of a loan amount of $500,000** **Rates are quoted based off a full documentation loan, purchase of a primary residence, middle credit score of 740, 1% Origination and no points**
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