Outer Banks Interest Rate Update 11-16-07
Published November 16, 2007 by Shane CookOuter Banks Interest Rate Update
This week rates have dropped down a little and we are seeing some blockbuster rates today. Check out the Fannie Mae 30 year fixed at 5.875% and the 5 year ARM at 5.375%. For those clients that are interested in a 40 year fixed, we are offering that rate at 6.25% today. FYI I have seen a large increase in applications for FHA and VA loans this month, so don’t forget to mention those programs to your First-Time Homebuyers, as that seems to be a growing purchase market right now. Have a great weekend, and call me anytime 207-2665.
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% .875 origination
30 Year Fixed: 5.875% 1 origination
30 Year Fixed: 6.125% 0 origination fee
15 Year Fixed: 5.5% .75 origination fee
7 Year ARM: 5.625 % 1 origination fee
5 year ARM: 5.375% .875 origination fee
FHA 30 Year: 6.0% .375 origination
VA 30 Year: 6.125% 1 origination
Investment Property
30 Year Fixed: 6.125% 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: 6.625% 1 origination fee
15 Year Fixed: 6.25% 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
800-256-7887/Cell 252-207-2665
“A pre-qualification you can trust”
Total Loan Denial Letters Issued After Pre-qualification YTD 2007: 0
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