Rates have been on fire. Here’s a snapshot, based on today’s rates (5.18.10) after an afternoon price improvement:
CONFORMING LOAN AMOUNT (up to $417k in loan amount):
Assumes: Single Family Residence, Owner-Occupied home, 20% or more equity, 740+ FICO, no impounds. All of these rates carry no points and no prepayment penalty.
30 Year Fixed: 4.75% (APR 4.820%)
10/1 ARM (LIBOR Index; 5/2/5 caps): 4.375% (APR 4.450%)
7/1 ARM (LIBOR Index; 5/2/5 caps): 4.0% (APR 4.073%)
5/1 ARM (LIBOR Index; 5/2/5 caps): 3.625% (APR 3.696%)
HIGH-BALANCE CONFORMING LOAN AMOUNT ($417,001 – $729,750):
Assumes: Single Family Residence, Owner-Occupied home, 20% or more equity, 740+ FICO, no impounds. All of these rates carry no points and no prepayment penalty.
30 Year Fixed: 5.00% (APR 5.049%)
10/1 ARM (LIBOR Index; 5/2/5 caps): 4.625% (APR 4.675%)
7/1 ARM (LIBOR Index; 5/2/5 caps): 4.25% (APR 4.299%)
5/1 ARM (LIBOR Index; 5/2/5 caps): 3.875% (APR 3.923%)
I will always give you the option of no points/no fees right alongside with no points/with fees and points/with fees. Making the right decision depends on your goals for your home.
In addition, rates can be better the more equity you have, and in some cases, if you choose to have an impound account.
Let me know if I can help you!
