Mortgage Market & Rates

Columbus Mortgage Market: :-O….yawn, finally!!!

Folks,
Well, the mortgage market is at least stable this morning. The freefall has stopped and hopefully leveled out on the way back in our direction. I noticed this morning all the overseas markets had dropped this morning before our markets opened here. I also noticed that the US dollar vs. the British Pound is the strongest in our favor in the past 7.5 years. It will be interesting to see what signals, if any, the new Obama administration will be sending to the money markets around the world and here in the U.S.

Question of the day?
Why have crude oil prices dropped dramatically but Central Ohio’s gasoline prices not dropped? I checked the national map for low gas prices at columbsugasprices.com and it appears to be super low in Montana, Idaho, Utah, and Colorado. Is it just not our turn?

Today’s Rates: 5.250% 30 year fixed (same)

5.125% 15 year fixed (same)

7.000% + 1% Origination fee, First Time Homebuyer Bond Money (same)

5.500% FHA (same)

5.500% VA (same)

7.500% Jumbo 30 year fixed (same)

30 days, escrow, $110K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% points, 0% origination fee.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently. We recommend calling during business hours to make sure we have all the markets open and available.

Mortgage Tip of the Day:
I’ve been hearing stories that other mortgage lenders who send daily emails end up selling their lists to other companies for emailing. We NEVER sell this list to anyone and I always send it out under a blank CC so no one knows who else is receiving this. I was surprised when I heard this was happening.

Thought of the Day:
A rattlesnake that doesn’t bite teaches you nothing.

Today’s Fun Fact:
Aviation pioneer Orville Wright died of natural causes on January 30, 1948. The same day, ironically, there were three plane crashes which killed some 50 people in the U.S.

You know you’re from Columbus when… …you think that “Columbus” always needs to be followed by “Ohio”.

Legal Stuff
These rates are effective as of Wed., Jan. 21, 2009 at 11:30am. These rates can change without notice.
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Fixed Rates and 10/1 ARM rates @80% LTV, $100,000 loan amount

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

FHA Rates @ 96.5% LTV, $100,000 loan amount

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

Jumbo Rates @ 80% LTV, $418,000 loan amount

30 Year Fixed APR 5.330% $552.20 Interest and Principal

15 Year Fixed APR 5.261% $797.32 Interest and Principal

Bond Money APR 7.694% $714.47 Interest, Principal, and Mortgage insurance

FHA APR 6.437% $623.56 Interest, Principal, Mortgage insurance

VA APR 5.802% $581.42 Interest and Principal

Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Thanks for reading!!!!

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078