Mortgage Market & Rates

Columbus Mortgage Rates: :-(….hmmmmmm!!!

Folks,
Well, that didn’t last long, one day. In pouring through all the economic things that happened yesterday and today we can only come up with two things that happened yesterday that might affect those rates. The Fed’s decided not to cut rates yesterday afternoon and the House of Representatives passed a stimulus $800 billion+ stimulus package that goes on to the Senate. Did either of those two situations cause this? That’s a higher situation than I can grasp.

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)
5.500% 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:
We just got word yesterday that OHFA will be coming out Friday with a first time homebuyer down payment assistance program. Right now, FHA requires 3.5% down payment, the down payment assistance program will be 2.5% as a non-repayable gift leaving the customer to come up with 1% on their own. The seller can still pay closing costs as they did before. If the borrower uses that assistance that will force the rate up .50%. As you know the Bond Money rate is very high but the word on the street is the State has sold bonds and a much more aggressive rate will come out tomorrow.

Thought of the Day:
Worry doesn’t help tomorrow’s troubles, but it does ruin today’s happiness. (Boy, isn’t that the truth)

Today’s Fun Fact:
If you drive a bus from New York to Philadelphia with 40 people on board and drop off 4 people at six different stops and pick up 5 people at each of these stops, when you get to Philadelphia three hours later, what is the bus drivers name? (answer is at the bottom)

You know you’re from Columbus when… …you thought Alum Creek was the beach when you were little.

Legal Stuff
These rates are effective as of Thurs., Jan. 29, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

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 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!!!!

Answer: You!!!

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