Mortgage Market & Rates

Columbus Mortgage Market: :-(….yuck!

Folks,
As you know all the U.S. markets are closed today. The only price changes we are getting in today are those reacting to Friday afternoon’s news. Some of our investors only change once a day, period. We’ll see what reaction comes tomorrow. Asian markets opened up this Monday very bad.

I’m concerned the media fantasy of 4.50% on mortgages was just that, a fantasy. It’s going to be an interesting year.

Today’s Rates: 5.250% 30 year fixed (up .125%)
4.750% 15 year fixed (same)
5.875% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA (same)
5.500% (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:
This is a switch, we just got word from Fannie Mae (not Freddie Mac yet) that they are changing their 4 total property rule to 10 total properties. They are doing this to promote housing in America in these tough times (and to make more money, too, don’t forget that). The customer must have a credit score of at least 720 and at least 25% down. You don’t have see Freddie or Fannie getting more liberal.

Thought of the Day:
You may give out, but never give up.

Today’s Fun Fact:
The banana is considered the most ancient fruit on the earth.

You know you’re from Columbus when… …you know all the haunted places in Columbus…Mirror Lake, OSU Library, Palace Theatre.

Legal Stuff
These rates are effective as of Mon., Feb. 16, 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 4.885% $777.83 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 5.802% $581.42 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