Today’s rates below are based on my average loan amount of greater than $150,000.
30yr Jumbo Rate 5.1% loans over $417,000
30yr Conventional fixed is at 4.1%
15yr Conventional 3.1%
5yr ARM 3.1% - with no points
30yr FHA 4.1%
30yr VA 4.1%
FHA Program Set to Change; Wall Street Journal
The Federal Housing Administration is making changes to its mortgage insurance programs effective Oct. 4. The FHA is raising the monthly insurance premiums for new mortgages it insures. But it also is reducing upfront costs to 1% of the loan amount, from the current 2.25%. So buyers need to determine if it pays to lock in a lower premium before Oct. 4. Take a $193,000 FHA-insured mortgage. On Oct. 4, premiums will rise to $148, from about $88 currently, says Gibran Nicholas, chairman of the CMPS Institute, which trains and certifies mortgage bankers and brokers. Over 10 years, that will total more than $7,000 in additional premium costs, he says. That's far more than the $2,400 savings realized from the lower upfront costs on that mortgage under the new rules. So a buyer planning to stay in the home for the long term may want to consider locking in the current lower monthly premiums.
No comments:
Post a Comment