Current Mortgage Interest Rates - June 29, 2007
Rates held steady this week, not really too much change. With the Federal Reserve meeting this past Thursday, Chairman Ben Bernanke decided to hold the interest rates the same on Federal Funds. What does this mean to you and me? This fun roller coaster ride is far from over! My advice is still to protect your interest rate… this is a very expensive time to be a rate shopper trying to catch “the lowest” rate.
One of the services we offer with Century 21 Mortgage is the ability to protect your interest rate for up to 90 days while you shop for your “perfect home”. In other words, you don’t need to already have a property under contract to protect your rate. As part of the protection program, you receive a one-time float down option - if the rates go down, use the one-time float down and you’ll receive the lower rate. If rates go up, your rate already is capped. And if rates stay the same you get the current market rate.
Here are current mortgage interest rates as of today, June 29, 2007:
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).
Conforming rate quote below based on owner occupied with minimum credit scores of 680 with an 80% loan to value or lower. Rates quoted are priced based on a 30 day lock with 1 point and there are no prepayment penalties on any of the rates quoted below.
30 Year Fixed: 6.533% (APR 6.679%). Payment per $1000 = $6.33.
30 Year Fixed with 10 Year Interest Only: 6.770% (APR 6.806%). Payment per $1000 = $5.53.
40 Year Fixed: 6.80% (APR 6.851%). Payment per $1000 = $ 6.03.
7/1 ARM: 6.3380%% (APR 6.492%). Payment per $1000 = $6.24.
5/1 ARM: 6.177% (APR 6.244%). Payment per $1000 = $6.08.
5/1 ARM with 10 Year Interest Only: 6.29% (APR 6.370%). Payment per $1000 = $5.20.
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 6.782%). Payment per $1000 = $6.40.
30 Year Fixed with interest only payments: 6.750% (APR 6.920% ). Payment per $1000 = $5.63.
40 Year Fixed: 6.750% (APR 6.903%). Payment per $1000 = $6.03.
5/1 ARM: 5.96% (APR 6.174%%). Payment per $1000 = $6.00.
5/1 ARM with 10 Year interest only payments: 6.125% (APR 6.274%). Payment per $1000 = $5.10
To receive your pre-approval, call me at 602-697-4165.
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