Mortgage Market & Rates

Columbus Mortgage Market: :-O…yawn!!!

Friends- The market is pretty much steady this morning. It turns out Friday’s rate increase had to do with Consumer Confidence that was up last month and as you know, good news makes mortgage rates go up. Thanks!!!

Mortgage Tip of the Day: Remember, this year, Fannie and Freddie came out with a pricing adjustment on Condos. If the borrower has less than 25% down, there is a rate bump of .375%

Thought of the Day: Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.

Today’s Fun Fact: Canada has more lakes than the rest of the world put together.

You know you’re From Columbus when. .you can describe the subtle socio-economic differences among Bexley (old money), New Albany (new money), and Upper Arlington (tons of money).

Fact or Crap?: John Lennon and Yoko Ono once staged a month-long “bed-in” to raise awareness for world peace.

Legal Stuff These rates are effective as of Mon. May 4, 2009 at 11:30am. These rates can change without notice.

Today’s Rates: 5.000% 30 year fixed (same) purchase or rate and term refinance
5.125% 30 year fixed (same) cash out refinance***
4.750% 15 year fixed (same) purchase or refinance
4.875% 15 year fixed (same) cash out refinance***
5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.000% FHA (same)
5.250% 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, 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.

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 5.079% $536.82 Interest and Principal 30 Year Fixed Cash Out APR 5.204% $544.49 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 6.150% $616.94 Interest, Principal, and Mortgage insurance
FHA APR 5.949% $592.05 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: They held two “bed-ins”; one in Amsterdam and one in Montreal, but only for a week each. 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