First Horizon Outer Banks interest rate update 11-1-07
Published December 1, 2007 by Shane CookToday is another amazing day for interest rates. Rates have been sliding all week long and this morning have reached lows that I have not seen for years. When was the last time we saw a 30 year fixed loan for 5.625%? There is a lot of other positive news making headlines today. The main point of interest is Federal Reserve Chairman Ben Bernanke hinted today that another interest rate cut may be needed to bolster the economy on December 11th, so we can more than likely expect another drop in the Federal Funds Rates this month. This drop will take prime rate down to 7.25% or even possibly down to 7% depending on how aggressive the FED wants to be with the lowering. In addition economic date was published earlier this week showing that last month for the 2nd time in the past year home sales increased nationwide. This is hopeful news that we may be nearing the bottom of the current housing slump.
We continue to see a marked increase in 1st Time Homebuyer, FHA, and VA loan applications, so that may be a good area to focus on to help increase sales the next few months, until the 2nd Home market picks back up in the early spring. Please don’t hesitate to contact me if you would like any information on these types of loans. Lastly, I have one correction to make. There was quite a bit of confusion about the final FHA limit in DARE county via the FHA websites, and for your records the final maximum FHA loan amount ended up being set at $349,600, this would put the maximum purchase price for an FHA loan in DARE county at $360,412, unless the borrower wanted to put down more than 3%.
Have a great weekend and call me anytime if you need anything. Always available 207-2665
Shane Cook
Senior Mortgage Specialist
800-256-7887/Cell 252-207-2665
“A pre-qualification you can trust”
Total Loan Denial Letters Issued After Pre-qualification YTD 2007: 0
All quotes listed below only require 10% down, and have no private mortgage insurance (PMI), for qualified borrowers. Quotes listed below are for 30 day locks. Add .125% of a percent for Interest Only.
Conforming: loan amount less than $417,000
Primary Residence and Second Homes
40 Year Fixed: 6.125% .875 origination
30 Year Fixed: 5.625% 1 origination
30 Year Fixed: 5.875% 0 origination fee
15 Year Fixed: 5.5% .875 origination fee
7 Year ARM: 5.625 % 1 origination fee
5 year ARM: 5.375% .875 origination fee
FHA 30 Year: 5.5% 1 origination
VA 30 Year: 5.625% 1 origination
Investment Property
30 Year Fixed: 5.875% 1 origination
5 Year ARM: 5.625% 1 origination
Jumbo Loans: Loan amounts greater than $417,000 to $1.5 Million
Primary Residence and Second Homes
30 Year Fixed: 6.5% 1 origination fee
15 Year Fixed: 6.25% 1 origination fee
10 Year Arm: 6.625% 1 origination fee
7 Year ARM: 6.375% 1 origination fee
5 Year ARM: 6.125% 1 origination fee
Please call for custom quotes on Jumbo Investment Property loans and on loan amounts greater than $1.5 million. These interest rates vary greatly depending on loan amount, down payment, credit score, etc.
Shane Cook
Senior Mortgage Specialist
First Horizon Home Loans
(Office) 800-256-7887
(Cell) 252-207-2665
(Fax) 866-669-5871
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