Mortgage rates continue to trend upward today after a stronger than expected Retail Sales Report. Tomorrow we have the CPI (Consumer Price Index) which is report that indicates inflation and has a high impact on mortgage interest rates. Inflation is the “arch enemy” to bonds and mortgage interest rates are based on mortgage backed securities (bonds). If the CPI reports higher inflation, we will see mortgage rates increase. Rates have increased 0.25% since this Monday–I strongly recommend locking your rate in this market.
Mortgage rates continue to be very volatile often times changing 3-4 times per day. I post live rate quotes on Twitter and you’re welcome to “follow me” to see what scenarios are currently being quoted. The rates below are based on the same criteria that I used for my first rate quote and are priced with zero origination fees or discount points unless otherwise noted.
Conforming Loan Amounts up to $417,000
30 Year Fixed: 6.625% @ 0 Pts (apr 6.685%)
30 Year Fixed with 10 Year Interest Only: 6.875% @ 0 Pts (apr 6.932%)
5/1 ARM @ 0 Pts: 6.25% (apr 7.228%)
5/1 ARM @ 1 Pt: 5.75% (apr 7.084%)
Conforming-Jumbo Loan Amounts up to $567,500 for Pierce, King and Snohomish Counties.
30 Year Fixed: 6.625% @ 0 Pts (apr 6.681%)
30 Year Fixed with 10 Year Interest Only: 6.875% @ 0.5 Pts (apr 6.973%)
5/1 ARM: 6.00% @ 0.5 Pts (apr 7.142%)
FHA Loan Amounts up to $362,790 in Pierce, King and Snohomish Counties
30 Year: 6.375% @ 1 Pt (apr 7.147%)
FHA Jumbo Loan Amounts up to $567,500 in Pierce, King and Snohomish Counties
30 Year: 6.625% @ 1 Pt (apr 7.394%)
VA 30 Year Fixed: 6.500% @ 1 Pt (apr 6.828%)
Rates posted are as of 9:30 a.m. June 12, 2008 and may and will change at any time.
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