Private Mortgage Insurance Reminder:
Mortgage insurance is available for Conventional financing in the (declining market) states of Arizona and California under the following terms:
•· 90% LTV / 90% CLTV
•· Owner Occupied Primary Residence
•· 720 Minimum FICO score
•· 41% maximum debt-to-income ratio
•· 2-4 months reserves
•· 1 unit SFR or PUD (no condos)
•· title seasoning requirements apply
Rate Quotes and underwriting guidelines can be found online. There are some restrictions and overlays to standard FNMA/FHLMC guidelines.
Interest Rates for August 4th, 2009
Yesterday's economic data came in stronger than expected and sparked enthusiasm in the stock market - bad for mortgage prices. The Dow rose 115 points yesterday. Today's stock market is somewhat flat and bond prices initially opened slightly better that yesterday's close, but retracted quickly. Pending home Sales came in stronger than expected and MBS prices are a litle worse.
Conforming Conventional 30Yr Fixed 5.500%
Conforming Conventional 15Yr Fixed 4.875%
Conforming Conventional 5/1 IO ARM 4.500%
FHA 30Yr Fixed 5.500%
* Above Conventional rate quotes are as of 8/04/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score. APR includes $1,200 in lender fees and 980 in title charges (title charges may vary). FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required. No origination or discount points.