Columbus Mortgage Market: :-(…Ugh!!!

Folks,
This is one of those days today where we are scratching our heads. We can’t see any reason why rates increased from yesterday. All the market indicators to me show things should be stable but they aren’t. Several of the Fed members are meeting today to discuss rates for the Federal Reserve. That meeting could result in some fluctuation this afternoon. We will see what happens. Stay tuned.

Today’s Rate: 5.500% 30 year fixed (up .125%)

5.250% 15 year fixed (same)

5.750% 10/1 ARM (same)

7.000%+ 1% Origination fee, First Time Homebuyer Bond Money (same)

6.000% FHA (up .500%)

6.000% VA (same)

7.500% Jumbo 30 year fixed (up .125%)

30 days, escrow, $110K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% point, 0% origination fee.

Mortgage Tip of the Day:
When we have an appraisal done on a transaction and the amount of that property comes in low, four situations can happen:

1. The buyer can walk away from the deal, the deal dies.

2. The seller can come down in price to meet the appraised value.

3. The buyer can put down a larger down payment to cover the shortage.

4. We can work with the appraiser with additional comps to possibly change his mind.

Thought of the Day:
Some men go through a forest and see no firewood.

Today’s Fun Fact:
Leonardo da Vinci could draw with one hand and write with the other—at the same time.

Legal Stuff
These rates are effective as of Wed., Dec. 3, 2008 12:00 pm. These rates change without notice.
This is an Advertisement.

Fixes Rates and 10/1 ARM Rates @80% LTV $100,000 loan amount

Bond Money Rates @ 97% LTV $100,000 loan amount

FHA Rates @ 97% LTV $100,000 loan amount

VA Rates @ 100% LTV $100,000 loan amount

Jumbo Rates @ 80% LTV $418,000 loan amount

30 Year Fixed APR 5.581% $567.79 Interest and Principal

15 Year Fixed APR 5.386% $803.88 Interest and Principal

10/1 ARM APR 5.512% $583.57 Interest and Principal, rate may change after consumption

Bond Money APR 7.694% $714.47 Interest, Principal, and Mortgage Insurance

FHA APR 6.929% $655.87 Interest, Principal, and Mortgage Insurance

VA APR 6.293% $613.94 Interest and Principal

Jumbo 30 Yr. APR 7.591% $2,921.82 Interest and Principal

Thanks for reading!!!!

Steve Wagner
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078