Courtesy of
Jeff Nance, Branch Manager
Golf Savings Bank
Cell: 425.772.3341
Fax: 866.299.2454
jnance@golfsavingsbank.com
Rates opened this morning on the conventional 30yr fix slightly lower, and the FHA/VA rates were just slightly higher. The biggest move was in the short term adjustable rates. We saw a significant worsening in these to start the week. We were pricing interest only 5/1 Arms last week at 5.5%, and today we are pricing them at 6.0%. So, we are again in the mix of an inverted yield curve, which means there is a better value with the long term rates.
- Jeff
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During the last decade, Adjustable Rate Mortgages (ARMs) have increased in popularity among consumers. These days, few homeowners (especially first-time buyers) remain in their homes for more than seven years. In this case, it often makes sense to get an adjustable rate mortgage with a lower rate, especially one with a 5-year or 7-year fixed portion, since they won't have the loan long enough to be concerned about rate fluctuation.
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Mortgage Interest Rates* |
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Rates as of 12/01/2008: |
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Conforming |
APR |
Payment per |
Jumbo |
APR |
Payment per |
|
30-Yr. fixed |
5.250% |
5.403% |
$5.57 |
8.000% |
8.209% |
$7.48 |
|
15-Yr. fixed |
5.125% |
5.386% |
$8.06 |
8.000% |
8.209% |
$9.62 |
|
30-Yr fixed FHA/VA |
5.50% |
5.655% |
$5.67 |
N/A |
N/A |
N/A |
|
5-Yr. fixed ARM |
6.250% |
6.413% |
$6.20 |
5.375% |
5.499% |
$5.63 |
|
5-Yr. fixed ARM FHA |
6.500% |
6.632% |
$6.37 |
N/A |
N/A |
N/A |
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Reverse Mtg |
5.530% |
5.620% |
$5.69 |
N/A |
N/A |
N/A |
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