After a spike of rates over the past few months, mortgage rates come back down lately. 5/1 ARM for conforming loan (loan amount 417K or less) hit a low level not seen before: 2.25%
30 Year fixed rate for confirming is also back to 3.375%. Not back to the lowest yet but come back from higher level of 3.5%
Below is a list of best rates on 4/18/2013
The conforming 417K:
- 30 year fixed 3.375
- 15 year fixed 2.5
- 5 year ARM, 2.25
- 7 year ARM, 2.5
High-balance (super conforming)
- 30 year fixed 3.5
- 15 year fixed 2.875
- 5 year ARM, 2.75
- 7 year ARM, 2.875
Jumbo – very good too. Call for details.
The above rate is No Point, No Fee for the best case scenario (60% LTV, 740+ FICO, etc) for conforming and super conforming. It could be affected by borrower’s credit score, property’s loan to value ratio, lock period, and loan amount.
For ARM loans, if prepaid interest is zero (closing at end of month), the APR = 1 year libor index + 2.25
Rate subject to change as well as lender’s approval and qualification
