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Interest Rate Update

The following are general levels of interest rates for various loan terms for both conforming and Jumbo loans as provided by Al Hermann at al@american-california.com :

Conforming 30 Yr Fixed up to $417,000
4.625% Rate
4.763% APR
Pricing based on 740 credit score, 65% Debt to Income Ratio, 80% Loan to Value Ratio, $417000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR
 
Conforming 30 Yr Fixed $417,001 - $625,500
5.000% Rate
5.133% APR
Pricing based on 740 credit score, 45% Debt to Income Ratio, 80% Loan to Value Ratio, $625500 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR
 
Jumbo 7 Year ARM
5.750% Rate
5.840% APR
Pricing based on 740 credit score, 39% Debt to Income Ratio, 80% Loan to Value Ratio, $1000000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

The following are interest rates quoted by Michael Cordova of Milestone Mortgage at :michaelc@milestonemtg.com

FIXED RATES CONFORMING JUMBO
  Rates Points Rates Points
  30-Year Fixed Rate 4.750% 1.000 6.375% 1.000  
             
  30-Year Fixed Rate FHA 4.875%   5.250%    
             
  HYBRID ARMS          
             
  5/1 ARM 4.000% 1.000 5.300% 1.000  
             
  7/1 ARM 4.250% 1.000 5.800% 1.000  
             
  10/1 ARM   1.000 6.050% 1.000  
             

INTEREST ONLY Rates Points Rates Points
HYBRID ARMS        
             
  5/1 ARM 4.125% 1.000 5.500% 1.000  
             
  7/1 ARM 4.500% 1.000   1.000  
             
  10/1 ARM   1.000   1.000  

 For more information about Financing your home purchase, visit my website at http://www.maureenmegowan.com

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 0 commentsMaureen Megowan • April 24 2009 11:37PM

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