Interest Rate Update from Shane Cook at First Horizon
Published June 17, 2008 by Shane CookInterest Rate Update from Shane Cook at First Horizon Interest rates have climbed sharply this week as economic data, and climbing oil prices point towards increasing levels of inflation in the US economy. This inflation is causing investors to speculate that the FED will start looking at raising interest rates in the coming months. See headlines below for more details.
Now for the good news. As you all know we announced last week that First Horizon Home Loans is going to be merging with MetLife Bank. The contract date for this merger is July 31st, and there is a one month extension that could allow the merger to go to August 31st if the paperwork cannot be completed in time for the July 31st date. I have heard from my realtor friends that my competition on the street is saying this merger may not go through, and that it will affect our ability to close loans. Do not be fooled, as we are all very excited about this and it is a 100% done deal. All the contracts have been signed and we are already attending conference calls regarding the introduction of new programs and the merger itself. The first new program we are going to receive in the coming weeks is a portfolio 5/1 Jumbo ARM through MetLife (current rate 5.75% with no points.) I have pasted MetLife’s Jumbo ARM rates below off of their website so you can see how awesome these programs are going to be for our market. And remember there will be no interruption of loan closings or business while this merger is transpiring, so you don’t have to worry about any of our deals together. I hope you have a great weekend and call me anytime.
Always available 252-207-2665
Two-Year U.S. Treasury Yield Falls the Most in 26 Years on Fed, Inflation The two-year Treasury note yield posted its biggest weekly increase in 26 years as Federal Reserve officials indicated they have shifted focus from spurring growth to curbing inflation.
Crude’s 697% Rally Passes Dot.Com Craze as Economy Spurs `Bubble’ Worries The rally that drove oil to a record $139.12 a barrel last week surpassed the gains in Internet stocks that preceded the dot-com crash in 2000.
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 2005, 2006, 2007, 2008: 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
40 Year Fixed: 6.75% .25 Origination
30 Year Fixed: 6.375% 1 Origination
30 Year Fixed: 6.75% 0 Origination
15 Year Fixed: 6.0% 1 Origination
3 Year ARM: 5.625% 1 Origination
5 Year ARM: 5.875% 1 Origination
100% Financing Government Loans: Primary Residences Only
VA 30 Year Fixed: 6.5% 1 Origination
FHA 100% Genesis: 6.5% 1 Origination
FHA 97% Financing: 6.375% 1 Origination
Farmers Home (USDA): 6.5% 0 Origination
Jumbo Loans: loan amounts greater than $417,000 (Primary and Second Homes)
Portfolio 5 Year ARM: 5.875% 1 Origination
Portfolio 7 Year ARM: 6.125% 1 Origination
30 Year Fixed: 8.0 1 Origination
15 Year Fixed: 7.25% 1 Origination
****Rates change daily, and must be locked in before they can be guaranteed until they are locked in. First Horizon has an application fee of $300 for conforming loans and $370 for Jumbo loans. First Horizon is an equal opportunity lender.
Met Life Bank’s Current Rates As Posted on Their Website:
Current Mortgage Rates
Today’s Rates: Fri, June 13, 2008
Program | Rates | Points | APR* | Monthly
Payment* 3/1 Jumbo LIBOR ARM 5.5% 0.0 5.822% $2,555.05 5/1 Jumbo LIBOR ARM 5.75% 0.0 5.875% $2,626.08 7/1 Jumbo LIBOR ARM 5.875% 0.0 5.919% $2,661.92 10/1 Jumbo LIBOR ARM 6.0% 0.0 6.0% $2,697.98
Shane Cook
Senior Mortgage Specialist
First Horizon Home Loans (For a little while longer)
(Office) 800-256-7887
(Cell) 252-207-2665
(Fax) 866-669-5871
Filed under OBX Lenders
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