Mortgage Market & Rates

Columbus Mortgage Market: :-)…little smile!!!

Folks,
Things are holding steady this morning with a slight decrease in rate on the 15 year. My concern with yesterday’s huge increase in the stock market was that it would pull money from the mortgage backed securities into the stock market but it didn’t seem to happen. Rates held steady from yesterday.

Today’s Rates: 5.250% 30 year fixed (same) purchase or rate and term refinance
5.375% 30 year fixed (same) cash out refinance***
4.750% 15 year fixed (down .125%) purchase or refinance
4.875%% 15 year fixed (down .125%) cash out refinance***
5.625% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.375% FHA (same)
5.500% VA (same)
7.500% Jumbo 30 year fixed (same)
***Cash out refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage.

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:
It is not possible to put the house in one spouse’s name and have the loan only in the other spouse’s name. There must be a link between the title and the borrowers. Dower rights is not enough of a link.

Thought of the Day:
Humor is the chocolate chips in the ice cream of life.

Today’s Fun Fact:
Football historians claim the quarterback’s exclamation of “hut” for the snap stems from Army drills where the drill sergeant would count off “hut, 2, 3, 4”.

You know you’re from Columbus when… …you know Cow Town has only one cow, and it’s made of butter.

Legal Stuff
These rates are effective as of Wed., March 11, 2009 at 11:30am. These rates can change without notice.
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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
30 Year Fixed Cash Out APR 5.455% $559.97 Interest and Principal
15 Year Fixed APR 4.885% $777.83 Interest and Principal
15 Year Fixed Cash Out APR 5.010% $784.30 Interest and Principal
Bond Money APR 6.279% $624.33 Interest, Principal, and Mortgage insurance
FHA APR 6.315% $615.60 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