Following is information from Bert Karrer with Countrywide Home Loans of Greenville South Carolina.
This morning’s jobs report provided a higher figure of 94,000 new jobs over the anticipated 70,000 helping to erase the improvements to the 30 year fixed conforming rates that we’ve seen during this week. This illustrates how much bonds react negatively to inflation. Considering rates were at 15.75% for a 30 year fixed mortgage in November of 1981, we are still way below historical averages. December 2007 has brought in the lowest rates of year.
The next major influence on mortgage bonds will be Tuesday’s FOMC meeting…will the Fed cut rates by 0.25 or 0.50? Current mortgage rates are priced factoring in a rate cute of 0.25%; any other move may impact mortgage interest rates. Remember, this does not directly lower mortgage interest rates; mortgage interest rates are based on mortgage backed securities (bonds).
Today’s conforming mortgage rates are still very attractive and, as always, I recommend locking if you have a transaction closing soon Rates quoted are priced based on a 45 day lock with 1% origination and no points and there are no prepayment penalties on any of the rates quoted below.
- 30 Year Fixed: 5.75% (APR 5.911%).
- 30 Year Fixed with 10 Year Interest Only: 6.250% (APR 6.386%).
- FHA/VA 30 Year Fixed: 6.000% (APR 6.611)
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).
- 30 Year Fixed: 6.625% (APR 6.775)
- 5/1 ARM: 6.1250% (APR 6.271)
This is just a small sample available of rates and products available for the Greenville South Carolina market. Rates are as of Friday, December 7, 2007 at 11:00 a.m. and may change at any time. Available programs may change at anytime as well. This is not a guarantee nor is it a commitment of interest rate. For your personal rate quote or for loan amounts over $650,000, please contact me.
Countrywide Home Loans
124 Verdae Blvd. Suite 206
Greenville, SC 29607
Office: (864) 329-3165
Mobile: (864) 915-9599
Fax: (864) 234-4939