The Dow Jones Industrial Index has dropped about 100 points from its high in early January. The upside, however, is that mortgage rates are lower than we’ve seen since November of last year. The more interesting story, though, is that borrowers may be more focused on the RATE than the reality of the difference in payment. For instance, if a borrower were pre-qualified at a 4.5% rate for a $300K mortgage on a $375K home (80% loan-to-value), since rates have dropped, he/she/they might feel lucky that they (the borrowers) get about a $45/month break on their monthly payment. Or the borrowers might consider they can potentially afford approximately an additional $9,000 mortgage. Rates will continue to be elusive, though, until locked. And most lenders won’t lock a rate until a property is identified and, perhaps, until the purchase agreement is accepted by both parties
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ANASAZI MORTGAGE RATES* FOR Primary Residence (purchase only) As of 02/03/2014 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
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| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.125% |
4.250% |
4.25% |
4.290% |
| 15-YR |
3.125% |
3.340% |
3.375% |
3.445% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.50% |
4.608% |
4.875% |
4.897% |
| 15-YR |
3.875% |
4.061% |
4.50% |
4.538% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
2.875% |
6.055% |
3.25% |
6.318% |
| 7/1 ARM |
3.125% |
5.748% |
3.50% |
6.010% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.00% |
6.152% |
3.75% |
6.761% |
| 10/1 ARM |
4.125% |
5.990% |
4.50% |
6.251% |
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Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
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