Mortgage Market & Rates

Columbus Mortgage Market: :-O…yawn!!! ( …but it isn't going up)

Folks,
Lots and lots of bad news today but nothing that is making rates go down (or up, for that matter). The stimulus package stuck in Congress is keeping mortgage rates stymied. Every day the stimulus package keeps changing with new provisions in, old ones thrown out.

I hope you all are remembering this. These are historic times we will be talking about for years to come.

Today’s Rates: 5.375% 30 year fixed (same)
5.125%% 15 year fixed (same)
5.875% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA (same)
6.000% 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:
As you recall, the buyer can pay points to get a lower interest rate. Usually every .125% in rate is equal to .500% in points. Right now the spread is very narrow and the customer gets much more “bang for the buck”. Since rates are very low, it could be to the borrowers advantage to buy points.

Thought of the Day:
Hospitality means treat your company like family and your family like company.

Today’s Fun Fact:
A hummingbird lays only two eggs during its lifetime.

You know you’re from Columbus when… ….you have been to Cedar Point every summer of your entire life, even if you moved away from Ohio.

Legal Stuff
These rates are effective as of Fri., Feb. 06, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

Fixed Rates and 10/1, 7/1 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 5.135% $790.79 Interest and Principal
Bond Money APR 6.536% $640.71 Interest, Principal, and Mortgage insurance
FHA APR 6.437% $623.56 Interest, Principal, Mortgage insurance
VA APR 6.293% $613.94 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