Outer Banks Mortgage rate update from Shane Cook at First Horizon
Published February 19, 2008 by Shane CookThis week was another one of those crazy weeks in the interest rate world. Long term interest rates are climbing quickly this week, and we have seen the Jumbo Loans get even more out of whack and some of which are showing rates increases close to 1% higher than last weeks rates. On the positive side short term rates (Adjustable Rate Mortgages) have dropped quite a bit this week, and are readily available in the 4% range. Because of this I have added the 3 year ARM back on my rate sheet today, and could offer an amazing 3.875% on that program.
Fed Chairman Bernanke is expected to drop Federal Interest rates by 1/2% again in the next week or so, which would take Prime rate down to 5.5%. This lowering should take ARM rate mortgages down even further in the coming weeks. And we are very anxiously awaiting the publishing of the new Fannie Mae loan amount limits for our area. These should be out in the next 28 days. I will keep you posted as I hear more on this.
Have a great weekend, and call me anytime 207-2665
Shane Cook
Senior Mortgage Specialist
800-256-7887/Cell 252-207-2665
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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: 6.25% 1 origination
30 Year Fixed: 6.25% 0 origination
30 Year Fixed: 5.75% 1 origination
15 Year Fixed: 5.25% 1 origination
7 Year ARM: 4.875% 1 origination
5 Year ARM: 4.375% 1 origination
3 Year ARM: 3.875% 1 origination
FHA 30 Year: 5.5% 1 origination
VA 30 Year: 5.625% 1 origination
Investment Property
30 Year Fixed: 6.25% 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: 7.75% 1 origination
15 Year Fixed: 6.375% 1 origination
10 Year Arm: 6.75% 1 origination
7 Year ARM: 6.625% 1 origination
5 Year ARM: 6.5% 1 origination
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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