Rates are really great right now. Here is my rate update that I posted on my blog, www.JakePlanton.com/blog:
There are so many factors on EVERY loan that it can be dangerous to quote. Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time. I want to try and show you how things are moving through each day. Here are the factors I will be quoting:
Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock. (If any one of these factors are different, it COULD change the below rates. This is just a barometer of the current rates).
30 Year Fixed with 1.250% in origination fee : 4.5% (APR 4.670%) ~ Priced 0% in origination fee: 4.875% (APR 4.946%).
For loans that are at $417,000+, interest rates/guidelines are tighter. Here is one of the best priced 30 year fixed rates out there:
Purchase, 20% down, owner occupied, SFR, full documentation, 740 FICO+, loan amount of $500,000.
30 year fixed with 1% in origination fee: 5.750% (APR 5.895%)
7/1 ARM- (different lender than 30 year fixed) with 1% origination fee, 5.60% (APR 5.743%)
3/1 Arm- with 1% origination, 4.250% (APR 4.377%)
ALL mortgage professionals are REQUIRED by LAW to report APR. If you do not see APR, they are doing something illegal. HOWEVER, APR is something that can be calculated differently depending on the lending institution. Rose City’s APR guidelines are copied straight from the state of Oregon. The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR . Keep that ALL in mind.
Keep in mind that I will compete for YOUR business, and I would love to compete!
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