THE BASIS POINT

Mortgage Rates: Week ended June 24

 

CONFORMING RATES ($200,000 to $417,000) 0 POINT
30 Year: 4.5% (4.62% APR)
FHA 30 Year: 4.25% (4.37% APR)
5/1 ARM: 3.0% (3.12% APR)

SUPER-CONFORMING RATES ($417,001 to $729,750 cap by county) 0 POINT
30 Year: 4.625% (4.745% APR)
FHA 30 Year: 4.375% (4.495% APR)
5/1 ARM: 3.375% (3.495% APR)

JUMBO RATES ($729,751 to $2,00,000) 1 POINT
30 Year: 5.0% (5.12% APR)
10/1 ARM: 4.25% (4.37%)
5/1 ARM: 3.625% (3.745% APR)

Better or worse rates apply to specific borrower and property profiles. These rates assume assume full doc pricing on single family home purchase loans for borrower with 740 FICO score or greater, at least 20% equity (unless FHA), and 6-12 months reserves left over after close (retirement assets counted at 60% of value for reserves). Better rates are available using tax deductible points. ARM rates adjust the first month after initial fixed period shown, and once per year thereafter until year 30. Adjusted rate calculated by adding 2.25% margin to 1yr LIBOR index at time of adjustment. At first adjustment LIBOR+margin cannot exceed start rate+5%, subsequent yearly adjustments can never be greater than 2% per year, total of all adjustments for 30yr life of loan can never exceed start rate+5%. Rates based on loan amount ranges shown and rates available at the time of production. Rates aren’t a loan commitment nor a loan guarantee, and are subject to change without notice.

 

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