Pete’s Interest Rate Update as of 7/16/08 for NorthBay and Snoma County Buyers!
July 19th, 2008 . by Mike KellyPeter’s new company! Prospect Mortgage , a “Direct Lender”
Loans to 412,000, now 6.25% , 1 pt.
Fixed rates up a little over concern on FNMA and FHLMC ‘s ability to buy new loans , higher inflation with gas and food and weakness of dollar.
Consumer prices rose at highest pace in 20 yrs this last month, as per Feds.
Stated income loans now much harder to qualify for, thanks to Fed changes.
To: Real estate community Email Peter.Phillippe@imb.com
From Pete Phillippe Phone: Cell 707-481-2737
Web page www.pphillippe@imbhomelending.com
Fax #: 866-610-5264 Phone: 707-535-1263 direct
Pages: 1 Date: 7/16/2008
Subject: 30 day locks on rates shown for clients as of date shown above
Up to $662,250 30 yr fixed is 6.25 at 1 pt , 5/1 program is 5.625 to $417,000% at 1 pt.
FHA 30yr fixed 6.5 , 1 pt to $362,790 up to 97% LTV’s . FHA to $662,500 now 6.5 1pt
Up to $662,250 30 yr 5/1 program 5.875 at 1 pt . . . lower rate than fixed , for 5 yrs then a 1 yr adjustable with 2% annual and 5% lifetime cap
Remember , I reimburse appraisal fees at closing for you and your referrals
July indexes, 1 yr. Libor is 3.34 , prime is 5.0 , 1 yr constant maturity treasury 2.38
Indexes have moved up slightly each of the last three months , except the prime rate
Aprs not calculated, full doc examples with 680 fico scores . . .30 day locks shown on rates. Stated income, 40 yr terms, interest only loans, available . . . Rates and points can change depending upon loan to value, credit scores and purpose of loan. Information intended for the Real Estate community only, Equal Opportunity Lender, rates and programs subject to change.
