Mortgage Market & Rates

Columbus Mortgage Rates: :-)…yeah!!!

Folks,
Well, the stock market didn’t like the stimulus package but the mortgage backed securities liked it. Mortgage rates again drifted down from yesterday. As we speak, the market is still drifting in our favor. I think what really happened was money shifted yesterday from the stock market to something more secure such as federally backed securities which created a larger supply thus forcing rates down.

Today’s Rates: 5.125% 30 year fixed (down .125%)
4.875%% 15 year fixed (same)
5.875% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA (same)
5.500% (down .500%)
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:
TransUnion and Equifax have come out with new models for determining credit scores. One of the major changes is that before you have pointed taken off if you had too much credit available. That would include credit cards with zero balance. The idea before was to close those out. Now, you get points for having a lot of credit available to you. We’d now don’t advise closing those out. Creditors may close those out for you if there is no activity thus hurting your credit score. Leaving a few dollars in those accounts or using them every now and then is advisable. Experian has yet to come out with a new model.

Thought of the Day:
Self-esteem is so delicate a flower that praise tends to make it bloom, while discouragement often nips it in the bud.

Today’s Fun Fact:
The Union Army lost more men to disease than battle during the Civil War.

You know you’re from Columbus when… …you actually say PROLLY in real speaking, and know exactly what it means.

Legal Stuff
These rates are effective as of Wed., Feb. 11, 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 5.204% $544.49 Interest and Principal
15 Year Fixed APR 5.010% $784.30 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