Mortgage Market & Rates

Columbus Mortgage Rates: slight :-)…..it's the right direction, at least!!

Folks,
I heard an interesting commentary last night on the radio. You know gasoline prices have dropped dramatically since September which the result is a $300,000,000,000 stimulus package, mortgage rates are down substantially causing great savings for those who care to refinance and buying and the stock market is up 20% in the last six weeks. Not all things are bad. This too shall pass.

The market is drifting our direction slightly this morning. Nothing really indicating why but it is.

Today’s Rates: 5.000% 30 year fixed (same)

4.625% 15 year fixed (down .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:
When a customer is going FHA and does a 15 year fixed loan with at least 10%, FHA does not require any MIP in their payment.

Thought of the Day:
One characteristic of winners is they always look upon themselves as a do-it-yourself project .

Today’s Fun Fact:
George Willig climbed the outside south tower of the World Trade Center in New York City on May 26, 1977. Abraham Beame, then mayor, fined him $1.10—a penny for each floor of the building.

You know you’re from Columbus when… you’ve experienced CRAZY weather, like huge golf ball sized hail in the same day that it’s sunny, or snowy in the same day it rains, or sunny but then a tornado, or freezing fog but then rain then sunny.

Legal Stuff
These rates are effective as of Tues., Jan. 13, 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 5.079% $536.82 Interest and Principal

15 Year Fixed APR 4.759% $771.40 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