Mortgage Market & Rates

Columbus Mortgage Rates: :-(…ugh!!!

Friends

We are having a difficult time trying to understand why rates went up this morning. All we can find is that the market is bracing itself for a series of economic reports coming out this week. Not sure why that would make rates go up. Crude Oil did go up this morning a couple dollars a barrel. That is always inflationary and inflation makes mortgage rates go up.

Brace yourself for long term, hyper inflation. Inflation is NOT our friend.

By the way, Hyper Inflation= high fuel prices, high prime rates, high mortgage rates. Unfortunately, it won’t mean higher real estate prices.

Mortgage Tip of the Day: Remember, the $8,000 first time stimulus money does not apply if the buyer is buying from a family member. It must be an arms length transaction before the stimulus money will be granted.

Thought of the Day: I know quite certainly that I have no special gift. Curiosity, obsession and dogged endurance have brought me my ideas.

Today’s Fun Fact: A watermelon is 92% water.

You know you’re From Columbus when… …every occasion calls for illegal fireworks.

Fact or Crap? Hydrocyclones are the severest of all cyclones.

Legal Stuff

These rates are effective as of Wed., July 1, 2009 at 11:30am. These rates can change without notice.

Rates: 07/01//09

5.375% 30 year fixed (up .125%) purchase or rate and term refinance

5.500% 30 year fixed (up .125%) cash out refinance***

4.875% 15 year fixed (up .125%) purchase or refinance

5.000% 15 year fixed (up .125%) cash out refinance***

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

5.500% FHA Fixed (same)

6.250% 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.

7/1 and 30 due in 10 require 30% down for Jumbos, 10% down for non-jumbos, 740+ credit scores, owner occupied Fannie Mae loans.

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

7/1 ARM and 30 due in 10 yrs. More than $417,000 require auto. Payment

30 due in 10 years @80% LTV, $100,000 loan amount

7/1 Rate may increase after consummation.

30 Year Fixed APR 5.469% $559.97 Interest and Principal

30 Year Fixed Cash Out APR 5.595% $567.79 Interest and Principal

15 Year Fixed APR 5.033% $784.30 Interest and Principal

15 Year Fixed Cash Out APR 5.159% $790.79 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

Jumbo 30 Year APR 6.335% $2,574.88 Interest and Principal

Answer: CRAP: A hydrocyclone is a device that separates sand from water.

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