Current Mortgage Market Update

The Current Mortgage Market Update is provided us by Ashleigh Sumlin, Bradford Mortgage Co./NEW BRIDGE BANK.

March 26, 2010

Dear friends in Real Estate,

FHA Up Front Mortgage Insurance will increase to 2.25% from 1.75% beginning with loans receiving case numbers on April 5, 2010.

2 major investors removed their entire interest-only offerings this week. MI companies have not been covering loans with interest only payments for some time now.

Conforming and FHA loans are now allowing loans on properties owned less than 90 days by the current seller BUT MI companies are not. A buyer purchasing a property flipped within last 90 days will have to put at least 20% down or do a separate 2^nd lien to avoid MI.

Here's a sample of Primary Home Purchase money rates today, up to 0+1, with escrows for a borrower with median credit of 750. These are subject to vary based on loan amount, occupancy, LTV, credit quality and other factors.

Conforming (up to $417K, using 250K as sample loan amt)

30 yr fixed 4.95%

15 yr fixed 4.25%

5/1 ARM 3.625%

FHA (up to $303,750 for the greater Mecklenburg Co area, using $250K as sample loan)

30 yr fixed 4.875%

15 yr fixed 4.5%

Jumbo (over $417k up to $1.5M, $650K sample loan amount)

30 yr fixed 5.875%

10 yr ARM 5.25%

15 yr fixed 5.0%

5/1 ARM 4.5%

Call Ashleigh Sumlin, Bradford Mortgage Company, 704-258-4894 to get your clients preapproved now!