Mortgage Market & Rates

Columbus Mortgage Rates: :-(….Hmmmmm?

Folks,
I wish I could give you a spectacular explanation today as to why mortgage rates went up but we can see absolutely no reason for that today. Crude Oil is down dramatically from last week, back in the mid to upper $30’s a barrel. We are stumped today as for a good solid reason as to why. I know, let’s just call it a “hiccup”. How does that sound?

Today’s Rates: 5.000% 30 year fixed (up .125%)

4.750% 15 year fixed (up .125%)

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

5.000% FHA (same)

5.000% 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:
Yes, we are swamped with refinances but a “BUYER” goes to the head of every line we have. We want your purchase business because someday the refinancing will be all gone. Keep us in mind for your pre-approvals and your buyers.

Thought of the Day:
A happy person is not a person in a certain set of circumstances, but rather a person with a certain set of attitudes.

Today’s Fun Fact:
Way back when, tombstones were first placed on plots over the dead so that the deceased could not come out and harm the living.

You know you’re from Columbus when… …you think the outside elevator downtown is SWEET, but don’t have the nerve to go in it.

Legal Stuff
These rates are effective as of Mon., Jan. 12, 2009 at 11:00am. 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 5.079% $536.82 Interest and Principal

15 Year Fixed APR 4.885% $777.83 Interest and Principal

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

FHA APR 5.949% $592.05 Interest, Principal, Mortgage insurance

VA APR 5.293% $549.71 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