Today's rates for Portland, OR.
Good Morning all! Rates are still smoking. It is November!
There are so many factors on EVERY loan that it can be dangerous to quote. Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time. I want to try and show you how things are moving through each day. Here are the factors I will be quoting:
Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock. (If any one of these factors are different, it COULD change the below rates. This is just a barometer of the current rates).
30 Year Fixed with 1% in origination fee : 4.750% (APR 4.883%) ~ Priced 0% in origination fee: 5.000% (APR 5.046%).
5/1 ARM—3.750% (!!!) with 1% in origination, APR 3.896%
And for people putting down 5%? They still look good for you!
5% down, 30 year fixed–4.990% ( APR 5.143%)!!! Don’t believe it when people say that you have to put down 10, 15, or even 20%! AND, you DO NOT have to go FHA!
For loans that are at $417,001+, interest rates/guidelines are tighter. Here is one of the best priced 30 year fixed rates out there:
Purchase, 20% down, owner occupied, SFR, full documentation, 740 FICO+, loan amount of $500,000.
30 year fixed with 1% in origination fee: 5.750% (APR 5.895%)
5/1 ARM- (different lender than 30 year fixed) with 1% origination fee, 4.650% (APR 4.781%)
ALL mortgage professionals are REQUIRED by LAW to report APR. The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR . Keep that ALL in mind.
Keep in mind that I will compete for YOUR business, and I would love to compete!
Hey all!
I just got this great email from one of my co-workers for those of us that want to appeal our property taxes. Good info for all!
I just found this amazing info piece about the foreclosures in OR, and across the country. It really makes you wonder, 'what recovery?' So, lots of people are losing their homes, home prices seem to be stabilizing, the tax credit is about to expire, and the Fed will STOP buying mortgage soon...never a dull day in the real estate world.
My fear from these numbers is that there is going to be a glut of inventory soon enough. Where are all these homes going? The banks do not want to flood the market with homes, or else they risk cutting their values on other homes. So, I ask again, where is the recovery for the rest of us.

Rose City Mortgage donates $100 to the charity of our clents choice at each loan closing. Here are our numbers for August:
Jake Planton - Rose City Mortgage from BLUEVOICE MEDIA on Vimeo.
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