Mortgage Market & Rates

Columbus Mortgage Rates: :–(~….Yuck!

That’s a sad person throwing up- with a big nose, folks…

Friends

According to what I’m reading this morning, Treasury Yields increased thus causing mortgage rates down. The fear is the rest of the world, although assurances from our government that the U.S. is sound, will not buy our Treasury Yields on fear of inflation. If inflation hits the U.S. as predicted, mortgage rates, prime rates, gasoline prices, etc. (and of course NOT home values) will skyrocket. Warren Buffet wrote in February, this Treasury situation could be as big of an issue this decade as the housing bubble. I am hoping the party isn’t over but we’ll see as the days, weeks and months unfold. By the way, in 1981 at the height of the last bad inflation period, I made 3 mortgage loans that year.

Last time we were this high or higher was Monday, November 24, 2008, the Monday before Thanksgiving.

Mortgage Tip of the Day: After this week’s upheaval in rates, the first time homebuyer Bond Money is looking better and better. That rate has not moved throughout this mess.

Thought of the Day: Your journey begins when you feel you’ve reached your limits.

Today’s Fun Fact: The only mammal that can fly is a bat.

You know you’re From Columbus when… …you know straight up, Old COSI was better than the New COSI.

Fact or Crap?: Field hockey is based on ice hockey.

Legal Stuff

These rates are effective as of Thurs., May 28, 2009 at 11:30am. These rates can change without notice.

Rates: 5/28/09 5.500% 30 year fixed (up .375) purchase or rate and term refinance

5.625% 30 year fixed (up .375) cash out refinance***

5.000% 15 year fixed (up .375) purchase or refinance

5.125% 15 year fixed (up .375) cash out refinance***

5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)

5.500% FHA Fixed (up .250)

5.500% VA Fixed (up .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.

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 5.581% $567.79 Interest and Principal

30 Year Fixed Cash Out APR 5.707% $575.66 Interest and Principal

15 Year Fixed APR 5.135% $790.79 Interest and Principal

15 Year Fixed Cash Out APR 5.261% $797.32 Interest and Principal

Bond Money APR 6.150% $616.94 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

Answer: CRAP: But the sticks are a similar shape.

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