Mortgage rates up despite Fannie and Freddie’s deal to modify loans to prevent foreclosures. This will be done by reworking home mortgages to make them easier to afford.
This seems to be relief for homeowners headed to foreclosure but will it help new homebuyers? Too soon to tell.
| Â | Â | Â | Â | Â |
| Conforming Loan Amounts Not Exceeding $417,000 | ||||
| 30 Year Fixed Rate -Â House | 5.375% | Â Â -0- Points | APR 5.442% | |
| 30 Year Fixed Rate – Condo < 25% down | 5.75% | Â Â -0- Points | APR 5.819% | |
| 15 Year Fixed Rate | 5.50% |   -0- Points | APR 5.568% | |
| 5/1 ARM | Â | 5.375% | Â Â -0- Points | APR 4.780%Â |
| FHA Loan Amounts up to $365,700 in Cook County | ||||
| 30 Year Fixed Rate (3.5% down) | 5.50% | Â Â -0- Points | APR 6.041% | |
| Â | Â | Â | Â | Â |
Rates based on $300K purchase mortgage and 740 FICO score. If the down payment is less than 20%, mortgage insurance may be required. This could increase the monthly payment and the APR. Conforming – for loan amounts not exceeding $417,000 ($625,500 in AK and HI ) .For Jumbo mortgages– loan amounts exceeding $417,000, these rates do not apply.
Nice post! I’d like to wait for you next post.