Mortgage Rates Updated 8-7-09
Unemployment figures were released today and the reported -247,000 was significantly better than the expected -328,000 (the unemployment rate now sits at 9.4%). This better-than-expected news sent stocks surging and mortgage-backed securities reeling. The loss was the fifth consecutive day in which bonds tumbled downward. The Dow gained 113 points to close at 9,370 while oil closed near unchanged at $70.93/barrel. The rates below are up an average of .250%-.375% from last Friday.
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 5.500%
5/1 ARM – 4.250%
High Balance Conforming ($567,500 maximum)
30 year fixed – 5.625%
5/1 ARM – 4.625%
Non-Conforming (Jumbo)
30 year fixed – 6.125%
5/1 ARM – 5.125%
FHA
30 year fixed – 5.500%
5/1 ARM – 4.250%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
