JimHungerford.com

Mortgage rates and what will impact them this week!

The biggest report this week will be Retail sales due on Thursday.  There will be treasury auction Tuesday, Wednesday and Thursday.  Trade balance will come out Wednesay and consumer sentiment will round out the week on Friday.

Conforming Limits:  1 unit $417,000; 2 unit $533,850; 3 unit $645,300; 4 unit $801950

These rates do not reference a specific loan program, rather, they reflect general market conditions, which are subject to change at any time.

                  TERM                                                                               Range

Conforming 30 Year Fix                                        High 4 – Low 5

Conforming 15 Year Fix                                                 Low 4 – High 4

Conforming 3/1 Arm                                                Low 4’s

Conforming 7/1 Arm                                                      Low 5’s

Non-Conforming 30 Year Fix                            High 5 – Mid 6

Non-Conforming 15 Year Fix                                     Mid 5 – Low 6

Non-Conforming 5/1 Arm                                  Mid 4 – Low 5

FHA 30 year fix                                                              High 4 – Low 5

FHA 5/1 Arm                                                               Low 4 -Mid 4

VA 30 Year Fix                                                              Low 5 – mid 5

Rural Dev 30 year fix                                           Low 5 -  mid 5

THERE ARE NUMEROUS LOAN PRODUCTS AVAILABLE:

 Conforming – Loans designed for primary, second and investment properties. There are restrictions in regards to loan amount (SFR is typically 417,000, but in some areas it may be higher).

 Non-Conforming – . Typical loan amounts above 417,000.00.

 FHA- 30 year amortized loan. 3.5% down required by the borrower (can be gifted by an acceptable source).

 VA- Guaranteed by the federal government based on the amount of entitlement to the veteran in conjunction with the loan amount.

 Rural Housing- Must be in rural housing area. 100% financing based on appraised value. Adjustable household income cannot exceed the maximum allowable income limits.

 All-in-One Construction – one time close for both conforming and non-conforming.

Other products available

ANY QUESTIONS REGARDING THIS INFORMATION PLEASE CONTACT:

Jim Hungerford at 971-226-8403