Mortgage Market & Rates

Columbus Mortgage Rates: Senate Passed the Bill

Folks

Well, the Senate passing the bail out bill last night that will go on to the House was good news therefore making mortgage rates go up. However, the jobless rate came out this morning and it was at a 7 year high (bad news) forcing mortgage rates down, more than offsetting the good bail out news. Crude Oil is also down $2.60 a barrel this morning bringing it down to around $96.00 a barrel and the dollar is up vs. the euro. Crude Oil coming down will help fight inflation. Inflation is the biggest factor in causing mortgage rates to go up. INFLATION IS NOT OUR FRIEND!!!

Today’s Rate: 6.000% 30 year fixed

5.750% 15 year fixed

5.750% 10/1 ARM

6.500%+ 1% Origination fee, First Time Homebuyer Bond Money

6.250% FHA

6.375% VA

30 days, escrow, $100K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different perimeters), 0% point, 0% origination fee.

Mortgage Tip of the Day:
This upcoming Saturday, October 4, the Arlington Bank will be having a free “Shred Day” at our Reed Road office (my office). I will be there working. It will be from 9am to Noon, 4621 Reed Road. Bring your legal documents for us to shred for free. You can actually WATCH them being shredded on the spot if you like. (No cardboard, please)

Thought of the Day:
The whole art of life is knowing the right time to say things.

Today’s Fun Fact:
Albert Einstein’s last words were spoken in German. Since the attending nurse did not know the language, we’ll never know what he said.

Legal Stuff
These rates are effective as of Thurs., Oct. 2, 2008 11:30am. These rates change without notice.

This is an Advertisement.

Fixes Rates and 10/1 ARM Rates @80% LTV $100,000 loan amount

Bond Money Rates @ 97% LTV $100,000 loan amount

FHA Rates @ 97% LTV $100,000 loan amount

VA Rates @ 100% LTV $100,000 loan amount

30 Year Fixed APR 6.083% $599.55 Interest and Principal

15 Year Fixed APR 5.888% $830.41 Interest and Principal

10/1 ARM APR 5.512% $583.57 Interest and Principal, rate may change after consumption

Bond Money APR 7.179% $681.24 Interest, Principal, and Mortgage Insurance

FHA APR 6.882% $672.32 Interest, Principal, and Mortgage Insurance

VA APR 6.674% $638.84 Interest and Principal

Thanks for reading!!!!

Steve Wagner
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078