Nov
5
Did you see the Unemployment numbers for October!!!
Written by: barb and filed Under Blog, Buyers, Mortgage Update, Real Estate |
Those look good don’t they! The 50th consecutive month of jobs growth. 166,000 new jobs were created in October, twice the number than expected. That has to say something about our economy doesn’t it?
Do you want to hear about a few more economic stats? How about the Q3 GDP @ 3.9%, Personal Consumption up 1.8% and of course unemployment previously stated holding steady at 4.7%. Let’s continue to watch what happens out there. If these types of numbers continue to prevail, it COULD be a good time to buy. With people making more money and saving more, how can that be bad!
Current Rates
30 Year Fixed: 6% (APR 6.125%) - Unchanged
30 Year Fixed with 10 Year Interest Only: 6.375% (APR 6.491%) - Unchanged
40 Year Fixed: 6.375% (APR 6.484%) - Unchanged
5/1 ARM (2/2/6 caps): 5.50% (APR 6.753%) - Lower
5/1 ARM 10 Year Interest Only Payments: 5.625% (APR 6.834%) - Lower
FHA/VA 30 Year Fixed: 6.375% (APR 6.813) - Unchanged
JUMBO (Non-Conforming) Rates
30 Year Fixed: 6.500% (APR 6.629%) - Unchanged
30 Year Fixed with 10 Year Interest Only Payments: 6.625% (APR 6.713%) - Unchanged
5/1 ARM: 6.250% (APR 6.914%) - Unchanged
5/1 ARM Interest Only: 6.375% (APR 6.970) - Unchanged
Conforming loan limits are currently up to $417,000 and Jumbo loan limits are $417,001-$650,000. Quotes above are based on 30 day pricing with a 1% loan fee and a credit score of 680 or better. Quotes are also based on full loan documentation files and a minimum of 5% down. If you are planning on putting less than 20% down you will need Private Mortgage Insurance or a second mortgage to cover the difference.
The programs above are only a sample of what is available. Rates were published Monday, November 5, 2007 @ 10am and are subject to change.
For further information on any of these programs or additional programs, please feel free to email me or give me a call on my direct line (425 820-0601) or my mobile.
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