Mortgage Market & Rates

Columbus Mortgage Rates: :-(…again!!!

Folks,
I wish I could give you a great reason why mortgage rates have been going up over the last few days but I can’t. Nothing is making any sense as to why this is happening. The experts say this will last for a few more days then start drifting back down. The first day we called it a “hiccup” now we are just down right puzzled. The bond market is closed today so the price increase we are seeing relates to Friday afternoon’s situation.

The good thing that is happening today (I know it’s hard to believe anything good is happening) but since Israel and the Palestinians have called a cease fire and it appears to be working, crude oil prices had dropped dramatically. Just today they are down $2.00 a barrel with the price just over $34 a barrel, close to the low we saw a couple weeks ago. Prices should start coming down again at the pumps soon.

Today’s Rates: 5.125% 30 year fixed (up .125%)

4.875% 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 closed today but I am always open including evening, weekends, holidays, etc. If I’m awake, I’m available. You have my cell phone number which is also my personal home phone number.

Thought of the Day:
It is always wise to stop wishing for things long enough to enjoy the fragrance of those now flowering.

Today’s Fun Fact:
Until Thomas Edison suggested using “Hello”, most people answered their phones by saying “Ahoy”.

You know you’re from Columbus when… …you beam with pride that we’re the hometown of Wendy’s, Rax Roast Beef, Bob Evans and Donato’s but you wonder why we’re the 8th fattest city in America.

Legal Stuff
These rates are effective as of Mon., Jan. 19, 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 5.204% $544.49 Interest and Principal

15 Year Fixed APR 5.010% $784.30 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