Mortgage Market & Rates

Columbus Mortgage Rates: :-)….it’s a great day!!!

Folks,
Yesterday, the Fed’s offered a bond sale which attracted a large amount of mortgage money. This created a high supply of funds with low demand making rates down from yesterday. We are liking this stuff.

Today’s Rates: 5.125% 30 year fixed (down .125%) purchase or rate and term refinance
5.250% 30 year fixed (down .125%) cash out refinance***
4.750% 15 year fixed (same) purchase or refinance
4.875%% 15 year fixed (same) 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:
5% down is not longer available in Central Ohio on conventional loans unless the borrower is a true first time home buyer. The PMI folks have decided that Central Ohio is in a restricted market (a pretty name for declining market) and the maximum financing is no longer available.

Thought of the Day:
If your actions create a legacy that inspires others to dream more, learn more, do more and become more, then, you are an excellent leader.

Today’s Fun Fact:
IBM was originally called the Computing-Tabulating-Recording Company

You know you’re from Columbus when… …you see a building downtown but you can’t get to it due to the 500 million one way streets.

Legal Stuff
These rates are effective as of Thurs., March 12, 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
30 Year Fixed Cash Out APR 5.330% $552.20 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