Current Mortgage Rates: 9.25.2012: Nearing all time lows again

Mortgage Rates Nearing ALL TIME LOWS AGAIN!

The unbelievable mortgage rate ride is once again hitting all time lows.  With a couple more ‘good’ days for mortgages, a SUB 3% 30 yr. fixed will be reality. 

We are still seeing a healthy mix of purchase and refinance loans which is a GOOD sign for the health of the real estate market.  This past summer was a FANTASTIC buying market and our applications reflected the increased activity.  Hopefully, we will continue to see this recent strength in the housing market continue through the winter and into next spring.

Refinance Loans:  HARP refinance loans are still very hot.  If your loan is serviced by Fannie Mae (Click HERE to lookup) or Freddie Mac (Click HERE to lookup) you may be elligible for a refinance with NO APPRAISAL NEEDED!  If your home does NOT qualify for a HARP refinance, clients are looking to the NO MONTHLY MI loans up to 95% to take advantage of these low rates for appraised value protection.  The HomeStyle Renovation loan is a great refinance product for attaining future value construction loans with LOW rates and potentially NO monthly mortgage insurance.


Purchase Loans:  The hot summer market saw a move away from FHA loans back to conventional mortgages.  The most popular program has been the 5% down with NO monthly mortgage insurance.  Another popular option is the 3% down program with a reduced monthly mortgage insurance payment.  The renovation loans are also very popular for people buying bank owned properties that are in need of rehab/renovation — HomePath, HomeStyle and the FHA 203k Full and Streamline. You can Click HERE to learn more about any of our renovation loans.

Contact us today for more info.

Ben Coulter

Current Mortgage Rates*
Conforming                                       APR      
30 yr. Fixed:  3.125%                   3.288%
15 yr. Fixed:  2.5%                       2.789%
10 yr. Fixed:  2.5%                       2.789%
7/1   ARM:     2.50%                    2.812%
5/1   ARM:     2.50%                    2.812%
Investment Property 
30 yr. Fixed:  3.5%        @ 75% LTV    3.904%
30 yr. Fixed:  3.75%      @ 80% LTV    4.184%
FHA 30 yr. Fixed:           2.75%           4.680%
FHA 203k Rehab Loan:    3.375%         5.187%
ZERO Down USDA:         3.25%           4.954%  
VA 30 yr. Fixed:             3.25%            3.980%

Jumbo Mortgages:**

5 yr. ARM:                    2.55%            2.924%
7yr   ARM:                    3.00%            3.378%
10yr ARM:                    3.30%            3.631%
30 yr. Fixed                  4.00%            4.312%

HomePath, HomeStyle Renovation & HomePath Renovation:  Call for Rates



Ben Coulter  |  NMLS#383046
4445 W. 77th St. Suite 160
Edina, MN  55416
612.677.3100 Fax
Mortgages in All Shapes and Sizes
Ask me about our Construction/Rehab Purchase & Refi loans—up to 110% of ‘Future Value’. 

*Rates are subject to change without notice.
*Rates are based on a 45 day lock and >740 score at <80% LTV
*There are various adjustments that may affect the rate for a particular program.
*APR is based on loan amount of 225K.  APR is the rate after closing costs/mtg ins are factored in.
*Let me know if you would like to be removed from the rate list
**Loan amount up to $1,000,000, >740 score at <70% LTV