Outer Banks Interest Rate Update 1-4-08 from Shane Cook
Published January 5, 2008 by Shane CookI hope all of you had a very nice holiday with your families. 2008 is greeting us with some amazing interest rates, and I am very excited and surprised at some of the rates I am seeing this morning. 5.5% on a 30 year fixed loan is just incredible. All the other interest rates have dropped today under news of Jobs Created being lower than expected in December (see headline below provided by www.bloomberg.com) We may even see the 5 year ARM dip into the high 4% range by early next week.
Payrolls Increase 18,000, Less Than Estimated; Jobless Rate Climbs to 5% Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high, raising the odds that the Federal Reserve will cut interest rates by half a point this month to ward off a recession.
It also looks like the weather is going to warm up to 60 degrees this weekend. Warm weather combined with record low rates, makes this a great weekend for anyone looking to buy a home in the Outer Banks before the spring rentals kick in. I will be available all weekend if you need me. Always available 207-2665
Saturday
Sunny. Highs in the lower 50s. Southwest winds around 10 mph.
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Sunday
Partly sunny. Highs in the upper 50s. Southwest winds 10 to 15 mph.
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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 2004, 2005, 2006, 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: 6.25% .625 origination
30 Year Fixed: 5.875% 0 origination
30 Year Fixed: 5.5% 1 origination fee
15 Year Fixed: 5.25% 1 origination fee
7 Year ARM: 5.375 % 1 origination fee
5 year ARM: 5.0% .75 origination fee
FHA 30 Year: 5.5 1 origination
VA 30 Year: 6.625% 1 origination
Investment Property
30 Year Fixed: 5.625% 1 origination
5 Year ARM: 5.25% 1 origination
Jumbo Loans: Loan amounts greater than $417,000 to $1.5 Million
Primary Residence and Second Homes
30 Year Fixed: 6.625% 1 origination fee
15 Year Fixed: 6.125% 1 origination fee
10 Year Arm: 6.75% 1 origination fee
7 Year ARM: 6.375% 1 origination fee
5 Year ARM: 6.25% 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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