Mortgage rates are dropping, and are now at sixth month lows. Stocks are down as a result of a steady stream of bad economic news and fears of sovereign defaults in Europe. If you want to refinance your mortgage, or lock a loan for a home purchase, now may be the time to strike. It is nearly impossible to say when rates will increase, but at some point they will rise. Don’t miss your opportunity to save on your home payments. To begin a free application for home loan pre-approval, or to find out more about our rates and products, call one of our licensed mortgage professionals today at 877-868-2503.
Today’s News:
A large group of Senators is requesting revisions to the proposed QRM guidelines.
Are mortgage rates headed for record lows?
The response time on California short sales is improving.
How bad was the jobs report? Pretty bad, according to Felix Salmon.
A foreclosure settlement could be coming…
Our Rates and Products:
Fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.375% with an APR of 4.494%. 15 year fixed rate mortgages are going at a rate of 3.625% with an APR of 3.830%.
Adjustable rate mortgages offer large monthly savings compared to fixed rate mortgages of a comparable length. 5/1 ARMs are available at a rate of 2.625% and an APR of 2.212%.
Jumbo mortgages are now more accessible than they were for the past couple of years. 30 year fixed rate jumbo mortgages start at 5.000% with an APR of 5.208%. A 5/1 Jumbo ARM starts at 2.625% with and APR of 2.212%.
FHA mortgages open the door to homeownership to many people without a lot of money for a down payment because they only require 3.5% down. 30 year fixed FHA mortgages are available at a rate of 4.375% with a 5.775% APR. Minimum down payments start at just 3.5%.
***Mortgage rates are always changing. All rates were quoted at 1:30 P.M., on June 3, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.375% | 4.494% |
| 15 Year Fixed Conventional Mortgage | 3.625% | 3.830% |
| 30 Year Fixed FHA Mortgage | 4.375% | 5.775% |
| 30 Year Fixed Jumbo Mortgage | 5.000% | 5.208% |
| 5/1 Conforming ARM Mortgage | 2.625% | 2.212% |
| 5/1 Jumbo ARM Mortgage | 2.875% | 3.217% |
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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