Interest Rate update from Shane Cook at First Horizon 5-16-08
Published May 17, 2008 by Shane CookInterest Rate update from Shane Cook at First Horizon 5-16-08
Interest rates are looking very good today. My marketing boss that controls rates for First Horizon on the east coast told us this morning that the 30 year fixed rates are the lowest they have been in 4 decades (with exception of 2003.) So for the buyers that were waiting for record low rates, now is the time. I am also reading more and more positive headlines in regards to real estate. This includes two separate articles in the Wall street Journal in the past month citing an end to the housing market slump. Hopefully these positive headlines will start bringing more and more buyers down. Have a great weekend, and call me anytime if I can help in any way. 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 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: 6.0% 1 Origination
30 Year Fixed: 5.75% 1 Origination
30 Year Fixed: 6.0% 0 Origination
15 Year Fixed: 5.25% 1 Origination
3 Year ARM: 5.0% 1 Origination
5 Year ARM: 5.125% 1 Origination
100% Financing Government Loans: Primary Residences Only
VA 30 Year Fixed: 6.0% 0 Origination
FHA 100% Genesis: 6.25% 0 Origination
FHA 97% Financing: 6.0% 0 Origination
Farmers Home (USDA): 6.0% 1 Origination
Jumbo Loans: loan amounts greater than $417,000 (Primary and Second Homes)
Portfolio 5 Year ARM: 5.375% 1 Origination
Portfolio 7 Year ARM: 5.75% 1 Origination
30 Year Fixed: 7.25 1 Origination
15 Year Fixed: 6.625% 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. No hidden fees, or pre-payment penalties of any kind, and I have never changed a rate on a customer in my career as a loan officer once it has been locked in. First Horizon is an equal opportunity lender.
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