Mortgage Market & Rates

Columbus Mortgage Market: :-)…super big smile!!! April 2, 1953, here we come (we hope).

Friends
This morning, retail sales came out and it was worse than expected. As you know, bad news makes mortgage rates go down. We have now equaled again the low we have experienced during the recession period. Last time rates were lower was 4.500% on April 2, 1953.

Mortgage Tip of the Day:
The Secretary of HUD yesterday announced that they will be allowing folks wanting to us their $8,000 stimulus tax credit for their 3.5% down payment on FHA loans. It was not clear how this was going to work or who would be lending them the down payment. It is interesting this is developing and expanding.

Thought of the Day:
Meet success like a gentleman and disaster like a man.

Today’s Fun Fact:
The male fox mates for life. If the female dies, he will remain single for the rest of his life. However, if the male dies, the female will find another mate.

You know you’re from Columbus when… …you know how to pronounce “Scioto” and “Olentangy”.

Fact or Crap?:
Pesto, staccato and Utrillo are terms associated with piano playing.

Rates: 5/13/09 4.750% 30 year fixed (down .125%) purchase or rate and term refinance
4.875% 30 year fixed (down .125%) cash out refinance***
4.500% 15 year fixed (down .125%) purchase or refinance
4.625% 15 year fixed (down .125%) cash out refinance***
5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)
4.875% FHA (down .125%)
5.000% VA (down .250%)
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, single family house, non condo, 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.

Legal Stuff
These rates are effective as of Wed., May 13, 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 4.827% $521.65 Interest and Principal
30 Year Fixed Cash Out APR 4.953% $529.21 Interest and Principal
15 Year Fixed APR 4.634% $764.99 Interest and Principal
15 Year Fixed Cash Out APR 4.759% $771.40 Interest and Principal
Bond Money APR 6.150% $616.94 Interest, Principal, and Mortgage insurance
FHA APR 5.826% $584.30 Interest, Principal, Mortgage insurance
VA APR 5.293% $549.71 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer:
CRAP: Presto and staccato, yes. But, Utrillo was the name of a French artist. He may have played the piano…who knows?

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

Image courtesy of bsabarnowl