Aloha Everyone,
Some big market news this past week, as well as a summary of current rates I compiled (improved from last week!) from local and national lenders I work with including Central Pacific HomeLoans, Wells Fargo, Countrywide, First Hawaiian Bank, First Horizon and more:
Market Highlights
•· IndyMac shuts down retail and wholesale mortgage business, Prospect Mortgage to buy out Hawaii offices - not known which will stay open
•· Colorado Federal Savings Bank ceasing loan origination while they are being purchased
•· Fannie Mae & Freddie Mac saved by U.S. government, increasing their line of credit as their stocks plummeted by 45%. Fannie & Freddie funds about half of all mortgages nationally.
Interest Rates, 30 day lock
30 yr fixed: 5.875% w/ 1.5 points, 6% w/ .875 points, 6.25% w/ 0 points
7/1 ARM: 5.25% w/ 2 points, 5.5% w/ .875 points, 6% w/ 0 points
5/1 ARM: 4.875% w/ 2 points, 5.25% w/ 1 point, 5.75% w/ 0 points
Products
The following are still available in the market:
•· Stated Income/Stated Assets
•· 100% Financing on 30 yr fixed (geographic/income restrictions)
•· 90% Financing on Construction loans
•· FHA (3% down)
•· VA (100% financing)
•· Jumbo Loans
•· CondoTels
Please contact me for specific questions or scenarios. Have a good week!
Pete
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