Tuesday, November 25, 2008
This information is hot off the presses from a local lender.
Fixed rates dropped dramatically today – the 30 Year Fixed is at 5.25% – so there is no reason to consider an ARM unless you need Jumbo financing.
These quoted rates were available November 25, 2008 – for qualified
borrowers with a fully documented loan application. Every borrower’s situation is unique, and so not all borrowers will qualify for these rates. If you want more information let me know or contact Frank directly.
Conforming Loan Scenarios
Rate and APR based on 740 FICO score, 20% downpayment, 39% debt ratio, $250,000 purchase price, $200,000 loan amount, primary residence, 30 day rate lock. These options may also be available for rate and term refinance mortgages.
Rates are higher for interest-only option.
Conforming – 30 Year Fixed
5.250% Rate
5.379% APR
Conforming – 15 Year Fixed
5.000% Rate
5.220% APR
Conforming – 7 Year ARM
6.000% Rate
6.127% APR
Conforming – 5 Year ARM
5.625% Rate
5.698% APR
Conforming – 3 Year ARM
5.750% Rate
5.872% APR
Jumbo Loan Scenarios
Rate and APR based on 740 FICO score, 25% downpayment, 39% debt ratio, $800,000 purchase price, $600,000 loan amount, primary residence, 30 day rate lock. These options may also be available for rate and term refinance mortgages.
Rates are higher for interest-only option.
Jumbo – 30 Year Fixed
7.375% Rate
7.493% APR
Jumbo – 7 Year ARM
5.875% Rate
6.002% APR
Jumbo – 5 Year ARM
5.375% Rate
5.407% APR
Jumbo – 3 Year ARM
5.250% Rate
5.380% APR
Frank Rexford, CMPSR
Certified Mortgage Planning Specialist
Integrated Mortgage Strategies, LTD