Eric's Daily Rate Watch for April 8, 2010 - Jobless Claims Increase - Rates Improve!

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Initial Jobless Claims Jump to 460k  -  The weekly report is out on how many new people file for Unemployment benefits for the first time.  Economists expected a dip from last week to 435k, but the actual number was 460k, which is a significant jump.   Still a tough job market.  But, to put this in perspective, in March 2009, the peak number for a single week was 651k.  Read the full AP article   

China Close to a Currency Adjustment  -  The Chinese government is close to announcing a revision of its currency policy that will allow greater variation in its value.  Might cause a quick jump against the dollar.  Many economists feel this is necessary to guarantee the survival of the yuan   Full story  

FreeCreditReport.com isn't free anymore  -  You remember the corny commercials right?  The website, owned by Experian, has begun charging $1 for the report and then giving that money to charity.  Why?  An attempt to avoid regulators, who claim the site and ads are misleading, as the real goal of the website is to get consumers to by a credit monitoring service for up to $14.95/mo.  Read more   

The only approved and official website to obtain a free credit report once per year is at www.AnnualCreditReport.com 

TAX CREDIT ENDS SOON!! Less than a month left for both first-time-buyer credit and move-up buyer credit.  Sales Agreements must be accepted (including 3rd party approval) by April 30th to be eligible.  There is very little sentiment to extend it again, so more than likely this is a solid end date. Read more

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Today's Rates at a Glance  

Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE      APR       P&I Pmt

4.875     5.021      $1323       30yr Fixed

4.250     4.522      $1880       15yr Fixed

5.250     5.418      $1380       30yr Fixed investment

3.625     3.416      $755         5/1 ARM interest-only

4.750     5.603      $1304       30yr Fixed FHA

Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)

RATE      APR       P&I Pmt    

5.500     5.620      $2838       30yr Fixed to $500k

5.750     5.867      $3501       30yr Fixed to $600k

5.875     5.991      $5915       30yr Fixed at $1million

4.250     4.349      $3689       5/1 ARM at $750k

3.300     3.146      $3221       3/1 ARM at $750k

Up to $3million loan amounts available, call for details

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Current Product Offerings Include:   Purchase, Refinance, Construction, Land loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Cash-out, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (close faster with very competitive rates)

Interest rates as of 08 April 2010 subject to change without notice.  Please call for up-to-the-minute accurate quotes and Pre-Approvals.  Pricing based on a single-family primary residence and 30day lock.  FHA, USDA, VA rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for USDA or VA.  USDA has income & property restrictions.  Conventional rates shown based on credit-score of 720 and 80% or less ltv, with impounds. Jumbo pricing based on 80% ltv (fixed) and 75% ltv (ARMs).  Lower credit-score programs may be available at slightly higher rates.  Reduced or "no-cost" loans available upon request.  Other restrictions to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!