Conforming mortgage rates softened again slightly from last week – to a low that we haven’t seen since early Dec, 2010. This rate drop from 4.75%, for instance, to 4.375% makes a difference of about $67/mo (with a 30-yr mortgage) on a $300K mortgage. As another note, according to National Mortgage News, in an article dated 5-6-11 by Brad Finkelstein, it seems that “improved liquidity in the … lending market is leading to price competition and reductions in credit standards”. Some lenders are still stuck on a hard 45% total debt ratio (debt-to-income), but some lenders are stretching to 50% and more. Interest rates are still dictated, however, by credit scores, with the best rates available to the mid-score of 740+. If you have someone who previously didn’t qualify, perhaps now is the time to circle back, and encourage them to re-evaluate their buying profile.
We can currently offer JUMBO Mortgages (not Fannie or Freddie backed) for Second Homes to $700K and investment properties to $600K loan amounts (or more with an exception by underwriting – and I’m always willing to ask) !! We are mortgage problem solvers (both for residential and commercial properties), and much appreciate your questions on rates, market influences and scenarios. ANASAZI MORTGAGE RATES
FOR Primary Residence (purchase only)
As of 05/02/2011
Mortgages to $417,000 (Conforming)
w/ 1 PointAPRw/ no PointAPR
30-YR4.375%4.521%4.625%4.686%
15-YR3.75%4.003%4.00%4.104%
Mortgages $417,001 – $600,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.00%5.125%5.50%5.537%
15-YR4.50%4.712%4.875%4.936%
Mortgages $600,001 – $700,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.125%5.250%5.50%5.537%
15-YR4.50%4.712%4.875%4.936%
Mortgages $600,001 – $1,500,000
w/ 1 PointAPRw/ no PointAPR
30-YR5.125%5.250%5.50%5.537%
15-YR4.50%4.712%4.875%4.936%
Mortgages in excess of $1,500,000, ARM (Adjustable Rates Mortgage) & Interest Only programs are also available – Please call for Quote
Ginger Bowe Sullivan
ANASAZI MORTGAGE
P. O. Box 5724
Santa Fe, NM 87502-5724
Phone: 505-995-8888
Toll-Free: 800-995-8888 (if calling outside Santa Fe)
Fax: 505-995-8885
ginger@anasazimortgage.comwww.anasazimortgage.com
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