Stock Market Rally Hurts Mortgage Prices

By
Mortgage and Lending with CNN Mortgage

250 DOW improvement points in one day.  Release of the Fed's open market committee minutes revealed a forecast of higher (than expected) economic growth.  Fixed income MBS markets suffered today as the money flowed into stocks.  Good economic news over the past two days has worsened mortgage rates somewhat.

Interest Rates for Wednesday, 7/15/09

Conforming Conventional 30 Yr Fixed 5.625%  no points

Conforming Conventional 15 Yr Fixed Rate 5.000% no points

FHA 30 Yr Fixed Rate 5.500% no points

* Above Conventional rate quotes are as of  7/15/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score.  APR includes $1,200 in lender fees and 980 in title charges (title charges may vary).  FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required.  No origination or discount points.

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Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Realtor - Atlanta Real Estate

Very interesting.  I have not been paying attention to the rates.  Thanks for bringing this to my attention.

Jul 15, 2009 06:59 PM #1
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Jerry Spicer
Sonoran Property Inspections LLC - Scottsdale, AZ

What are the Jumbo rates doing these days?I think most homes in the North Scottsdale area likely fall into this category both in construction financing and regular loans. I know the new construction Custom market has completely gone away. 

Jul 18, 2009 10:11 AM #2
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Julie Messina
CNN Mortgage - Scottsdale, AZ
CMB

Purchase or R&T refi

No prior BK or foreclosure

75% Financing up to $ 900,000 requires 680 FICO, or

60% Financing $900,001 to $1.2 Million requires 750 FICO, or

50% Financing $1,200,001 to $1.5 Million requires 750 FICO

3/1 ARM at 4.35% no points
5/1 ARM at 5.50% no points
10/1 ARM at 6.35% no points
30 Year FIXED at 6.75% no points

lender fees $1200 plus cost of appraisal and title fees.

Jul 18, 2009 10:34 AM #3
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Julie Messina

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