Outer Banks Loan Rate Update 1-18-08 from First Horizon
Published January 19, 2008 by Shane CookRates have continued their downward trend this week and the 30 year fixed rate is 5.25% today, and within a hair of the lowest I have ever seen it (5%). Rates on Adjustable Rate Mortgages have dropped this week as well, and my 5 year ARM is down to 4.5% today. I expect rates to stay low or continue to drop even further for the next couple of weeks until the FED meeting on January 29th. The only thing on the horizon that is threatening these low rates is inflation. Data was published on Wednesday of this week showing inflation is at a 17 year high. Inflation is the main enemy of low interest rates, and if it continues the FED will have to start raising interest rates again to fight it off. This is something you may want to go over with your clients that are currently looking at, or making offers on properties because they will want to talk to a loan officer and lock in a rate before Rates have a chance to possibly shoot up. I always tell my clients that when rates are this low it takes a pin-prick for them to shoot up and a mountain for them to go down any further.
I will be on a trip this weekend, and won’t have access to a computer, so if you have any urgent questions or pre-qualifications please contact my business partner Delphine Amrhein at 252-202-4407 and she will be happy to help you. I will be back in the office bright and early on Tuesday morning. Have a great weekend!
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: 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% 0 origination
30 Year Fixed: 5.625% 0 origination
30 Year Fixed: 5.25% 1 origination
15 Year Fixed: 4.75% 1 origination
7 Year ARM: 4.875 % 1 origination
5 year ARM: 4.5% 1 origination
FHA 30 Year: 5.5 .75 origination
VA 30 Year: 5.5% 1 origination
Investment Property
30 Year Fixed: 5.625% 1 origination
5 Year ARM: 4.875% 1 origination
Jumbo Loans: Loan amounts greater than $417,000 to $1.5 Million
Primary Residence and Second Homes
30 Year Fixed: 6.25% 1 origination
15 Year Fixed: 6.0% 1 origination
10 Year Arm: 6.375% 1 origination
7 Year ARM: 6.125% 1 origination
5 Year ARM: 5.875% 1 origination
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
Filed under OBX Lenders
1. Paul (2 comments.) says:
Saw you on Agents online and decided to follow the link to check it out. You are always giving great tips and comments. I do not know much about mortgages and rates ect. But we do have a great article about Conforming vs Jumbo loans. That is about as interesting as I can get. I will be back and hope fully have more to offer.
Posted January 22, 2008 @ 1:46 am
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