May 17, 2009
30 Yr Fixed Rate 4.625% .25 Points APR 4.668%
30 Yr Fixed Rate 4.50% .50 Points APR 4.564% 30 Yr Fixed Rate 4.375% .75 Points APR 4.460%
20 Yr Fixed Rate 4.625% .25 Points APR 4.683%
15 Yr Fixed Rate 4.375% 0 Points APR 4.412%
15 Yr Fixed Rate 4.25% .375 Points 4.342%
Maximum Loan Amount $417,000. The rates above are for owner occupied, single family residences. Credit scores and loan to value have an impact on the rate available to any given borrower.
Your credit score, loan to value and purpose of loan ( cash out/rate term refinance ) are all important factors in determining your final interest rate.
APR Calculation based on $200,000 loan amount
Financing available for Investment Properties, Second Homes. Call for quote.
Rates are subject to change without notice based on daily market conditions.
30 Yr Fixed Rate 4.75% .25 Points APR 4.795%
30 Yr Fixed Rate 4.625% .625 Points APR 4.748% 30 Yr Fixed Rate 4.50% .75 Points APR 4.633%
20 Yr Fixed Rate 4.75% 0 Points APR 4.781%
15 Yr Fixed Rate 4.625% 0 Points APR 4.655%
Maximum Loan Amount $417,000. The rates above are for owner occupied, single family residences. Credit scores and loan to value have an impact on the rate available to any given borrower.
Your credit score, loan to value and purpose of loan ( cash out/rate term refinance ) are all important factors in determining your final interest rate.
Rates are subject to change without notice based on daily market conditions.
30 Yr Fixed Rate 5.125% 0 Points APR 5.143%
30 Yr Fixed Rate 5.00% .25 Points APR 5.039% 30 Yr Fixed Rate 4.875% .75 Points APR 4.958%
20 Yr Fixed Rate 5.00% .50 Points APR 5.083%
15 Yr Fixed Rate 4.75% 0 Points APR 4.779%
Maximum Loan Amount $417,000. The rates above are for owner occupied, single family residences. Credit scores and loan to value have an impact on the rate available to any given borrower.
Your credit score, loan to value and purpose of loan ( cash out/rate term refinance ) are all important factors in determining your final interest rate.
Rates are subject to change without notice based on daily market conditions.
30 Yr Fixed Rate 5.50% 0 Points APR 5.521%
20 Yr Fixed Rate 5.375% 0 Points APR 5.403%
15 Yr Fixed Rate 5.25% 0 Points APR 5.285%
Maximum loan amount for conforming fixed rates is $417,000
3/1 ARM Loan @ 5.625% with .25 Points APR 4.85%
5/1 ARM Loan @ 5.875% with .25 Points APR 4.912%
7/1 ARM Loan @ 6.125% with .25 Points APR 4.974%
Maximum loan amount for ARM loans above is $500,000
APR's Calculated using a loan amount of $225,000
The Federal reserve announced the purchase of up to 500 Billion in mortgage backed securities. According to the Fed, "This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally," the central bank said in its announcement.
This is great news for consumers who are looking to purchase or for current home owners looking to reduce their monthly mortgage payments. This is also good news for consumers who may want to convert from an ARM loan.
30 Yr Fixed Rate 6% 0 Points
20 Yr Fixed Rate 5.875% 0 Points
15 Yr Fixed Rate 5.75% 0 Points
Maximum loan amount for fixed rates is $417,000
3/1 ARM Loan @ 5.625% with .25 Points
5/1 ARM Loan @ 5.875% with .25 Points
7/1 ARM Loan @ 6.125% with .25 Points
Maximum loan amount for ARM loans above is $500,000
PHFA Rate Update
Keystone Program
30 Yr Fixed Rate to 97% LTV 6.875% 0 Points
30 Yr "REAL" Refinance Loan 100% Financing 7.625% Helps borrowers refinance out of Sub Prime ARM loans.
Please call for APR's on all loans with or without Mortgage Insurance
Mortgage Insurance is required on all loans with loan to values over 80%
30 Yr Fixed Rate 5.75% 0 Point
20 Yr Fixed Rate 5.625% .25% Point
15 Yr Fixed Rate 5.375% 0 Point
Financing Available to 97% Subject to Income & Sale Price Limits by County
Keystome Program 0 Points 6.50 APR 6.515%
Keystone Program 1 Point 6.125% APR 6.140%
Keystone Plus Program 0 Points 6.00% APR 6.015%
Rates for 1st time homebuyers in PA were increased on July 24th to the following:
Keystome Program 0 Points 6.75%
Keystone Program 1 Point 6/375%
Keystone Plus Program 0 Points 6.25%
All programs are subject to Sale Price and Income limitations.
PENNSYLVANIA HOUSING FINANCE AGENCY KEYSTONE HOME LOAN PROGRAM
|
MAXIMUM PURCHASE PRICE AND INCOME LIMITS * By Region and County (Target Areas indicated by "T") Maximum Purchase Price |
Income Limit | |||
|
County |
Purchase Price Limit |
1 & 2 Member Households |
3 or more Member Households | |
|
Region 1 | ||||
|
Bucks |
$ 320,000 |
$ 72,100 |
$ 82,900 | |
|
Chester |
320,000 |
72,100 |
82,900 | |
|
Delaware |
320,000 |
72,100 |
82,900 | |
|
Montgomery |
320,000 |
72,100 |
82,900 | |
|
Philadelphia (T) |
320,000 |
86,500 |
99,000 | |
Income Limit for the above counties is $72,100 with the exception of Phila County with a $86,500 1 & 2 person income limit. Call for limits on families with more than two persons.
The following rates and APR's are based on Conforming Loan Amounts and a Maximum Loan Amount of $417,000
APR's are based on a loan amount of $250,000 with 20% Down and No Mortgage Insurance
Below is the range for rates the last five business days.
30 yr Fixed has ranged from 5.875% to 6.125% APR 5.899 to 6.135
7/1 ARM 5.75% & .25 Points APR 5.795%
5/1 ARM 5.50% & .25 Points APR 5.675%
3/1 ARM 5.00% & 0 Points APR 5.084%
Mortgage Interest Rates for the week of February 18th, 2008
The following rates and APR's are based on Conforming Loan Amounts and a Maximum Loan Amount of
$417,000 Jumbo Rates will be posted after 1:00 pm today
APR's are based on a loan amount of $250,000 with 20% Down and No Mortgage Insurance
30 yr Fixed has ranged from 5.875% to 6.25% APR 5.899 to 6.275
7/1 ARM 5.125% 0 Points APR 5.085%
5/1 ARM 4.875% 0 Points APR 4.961%
3/1 ARM 4.625% 0 Points APR 4.839%
The Federal Reserve has lowered the fed funds rate by 1.25% over the past four weeks or so. The prime rate has fallen in step as usual. So why have mortgage interest rates steadily increased over the past two weeks?
The answer is somewhat simple. The "Bond Market" disagrees with the "Fed" on where Long Term interest rates are going. The Federal Reserve bank is charged with maintaining "Stability of Price" within the economy. But they also act to keep the economy from sliding into a recession. There are a number of factors influencing both the Fed and the Bond Market these days. Remember, the bond market controls what happens to rates on 30 year mortgages, the Federal Reserve does not.
The Federal Reserve sees the numbers that reflect an inflationary environment. They watch these numbers very closely. They also see the risks to the housing industry, due to lower demand, the effects of increasing foreclosures, the sub prime mortgage debacle. More recently, the numbers would indicate that a recession is possibly on the horizon. Many large financial institutions have incurred large losses due to sub prime mortgage write downs. The Fed's lowering interest rates will help these institutions as well as individual homeowners who have sub prime adjustable rate mortgages coming up for adjustment.
The bond market has had to deal with the aftermath and on going issue associated with the "Sub prime Mortgage Market". There is virtually little to no liquidity in the markets to issue new mortgage backed bonds/securities these days. Just ask a lender for a quote on a 30 year fixed rate jumbo loan and you'll be shocked.
Historical spreads between conforming loan rates and jumbo rates has hovered at about .25 to .375% basis points higher for the jumbo. Today, that spread is close to 1.25 basis points. It is the clearest evidence that the market in which mortgage backed bonds operates, are not operating as usual.
So the Fed and Bond markets are moving in opposite directions. The Fed is lowering "Interest Rates" (Short Term) while the bond market is pushing rates up. Whether bond traders actually see serious inflation up the road or some force in the credit markets is inducing the massive selling over the past two weeks, rates on 30 year mortgages have risen almost 1 per cent age point in less than four weeks. Almost unprecedented and shocking for sure. We'll see if the selling abates as it seems bonds are way oversold, and if bond traders begin buying back their positions and rates begin to move back down. Very interesting stuff going on right now. The next four weeks should be very interesting for the "Bond Market", the Federal Reserve and long term mortgage interest rates.
U.S. Bond and Stock markets continue to swing back and forth fighting for investor dollars and some clarity as to the direction of inflation and the US economy. This week has been very busy with a great deal of economic data affecting both bonds and stocks leading to the volatility we have experienced. Bonds have been selling off leading to a gradual rise in interest rates.
Mortgage Interest Rates for the week of January 28th, 2008
The following rates and APR's are based on Conforming Loan Amounts and a Maximum Loan Amount of
$417,000 Jumbo Rates will be posted after 1:00 pm today
APR's are based on a loan amount of $250,000 with 20% Down and No Mortgage Insurance
30 yr Fixed has ranged from 5.5% to 5.625% APR 5.528 to 5.649
7/1 ARM 5.125% 0 Points APR 5.085%
5/1 ARM 4.875% 0 Points APR 4.961%
3/1 ARM 4.625% 0 Points APR 4.839%
Action by the US Federal Reserve Bank helped push bond prices up and interest rates down today. 30 Yr Fixed rates now hover around 5.5% to 5.375% depending on credit score, purpose of loan, and loan to value will all affect the final interest rate.
Fannie Mae & Freddie Mac have recently announced parameters and implemented "risk based pricing" that will impact/affect the interest rate that a consumer will receive based on their credit score.
Consumers/borrowers wil only be affected when the loan they choose is sold to the agencies, FNMA & FHLMC. Typically 30 year fixed rates and a variety of ARM loans could fall into this category.
