Edgewood, WA Real Estate Blog

Mortgage rates have improved since my last post.  In fact, the last time I posted rates this low was a month ago on June 6, 2008.   Mortgage rates continue to be very volatile and as always, I advice locking over floating your mortgage interest rate. 

If you are considering buying a home or refinancing in the next year, do meet with a Mortgage Professional as soon as possible to make sure you’re in the best position possible.  The difference between a 719 and 720 credit score for a conforming mortgage is a half point to fee with 20% down payment!  For example, using the rate below for 30 year fixed conforming, if a borrower has a 719 credit score, they will have to pay a half point (or $2000 based on a loan amount of $400,000) in order to have the same rate a 720 credit score borrower would have at zero points!  One digit with your credit score may cost you.  Here are some tips that may help you improve your credit scores.  

Here’s a quick look at where rates are as of 8:00 a.m. this morning.   All rate quotes below are based on a 30 day lock.   Please refer to my original rate quote for specific criteria I use to price rates.

Conforming 30 Year Fixed – loan amounts up to $417,000.   This scenario is based on a sales price of $500,000 with a loan amount $400,000 and minimum credit score of 720.    6.375% @ 0 Pts. (APR 6.433%).  

Conforming Jumbo 30 Year Fixed – loan amounts up to $567,500 for Pierce, King and Snohomish Counties.   This scenario is based on a sales price of $650,000 with a loan amount of $520,000 and a minimum credit score of 720.   6.375% @ 0 Pts. (APR 6.468%).

Jumbo (Non-Conforming) – loan amounts up to $1mil.  This scenario is based on a sales price of $850,000 with a loan amount of $680,000 and a miminum credit score of 720.   7.375% @ 1 Pt (APR 7.531%) or 7.750% @ 0 Pt (APR 7.811%).

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FHA 30 Year Fixed – loan amounts up to $362,790 for Pierce, King and Snohomish Counties.   This scenario is based on a sales price of $375,000 and a loan amount of $362,790 with a minimum credit score of 620.   6.250% @ 1 Pt (APR 7.032%).

FHA Jumbo 30 Year Fixed – loan amounts up to $567,500 for Pierce, King and Snohomish Counties.   This scenario is based on a sales price of $585,000 and a loan amount of $567,450 with a minimum credit score of 620.  6.375% (APR 7.160%). 

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Prime Rate:  5.00% -  what HELOCs are based on.

NOTE:  If you are considering a FHA mortgage loan, please seek out a Mortgage Professional who is experienced with FHA mortgages.  I recommend working with someone who has an on-site FHA underwriter and who is HUD direct endorsed lender.  Many brokers are not approved for FHA mortgages or have never provided one before.   Experience counts as does legally being able to provide a specific program.   I am having to move “conforming” borrowers to FHA mortgages due to the tightening in underwriting guidelines with Fannie Mae/Freddie Mac (conforming).   Do make sure your loan originator has the ability to offer FHA loans.

To see real-live rates that I’m quoting for clients, click here.    This is just a small sample of what programs are available.  For your personal rate quote, please contact a Mortgage Professional.

Rates quoted by Rhonda Porter, CMPS and Licensed Loan Originator 510-LO-32047 with Mortgage Master Service Corporation located in Kent, Washington.