• curiouscat.com
  • About
  • Books
  • Glossary
   
       
   
       

    Categories

    • All
    • Cool (25)
    • Credit Cards (16)
    • Economics (187)
    • Financial Literacy (125)
    • Investing (93)
    • Personal finance (129)
    • Popular (21)
    • quote (71)
    • Real Estate (51)
    • Retirement (27)
    • Saving (43)
    • Stocks (54)
    • Taxes (29)
    • Tips (68)
  • Tags

    Asia banking bonds capitalism chart China commentary credit Credit Cards credit crisis curiouscat data debt economic data Economics economy energy entrepreneur fed Financial Literacy government health care housing inflation interest rates Investing John Hunter Kiva micro-finance mortgage Personal finance personal finance basics quote Real Estate regulation Retirement risk save money Saving spending money Stocks Taxes Tips USA Warren Buffett
  • Recently Posts

    • USA Manufacturing Output Continues to Increase (over the long term)
    • Dazzling Diversification
    • Feds Rethink Rules on Retirement Savings - They Shouldn’t
    • Financial Thanksgiving
    • More on Failed Executives
    • Personal Saving and Personal Debt in the USA
    • How to Thrive When this Bear Market Ends
    • S&P 500 Dividend Yield Tops Bond Yield: First Time Since 1958
    • Redesigning the Global Finance System
    • Financial Markets with Robert Shiller
  • Blogroll

    • Brad Setser
    • Curious Cat Management Improvement Blog
    • Freakonomics
    • I Will Teach You to be Rich
    • Jubak’s Journal
  • Links

    • Articles on Investing
    • fool.com
    • Investing Books
    • Investment Dictionary
    • Leading Investors
    • Marketplace
    • Trickle Up
  • Curious Cat Kivans

    • Making a Difference

Investing and Economics Blog

Asia banking bonds capitalism chart China commentary credit Credit Cards credit crisis curiouscat data debt economic data Economics economy energy entrepreneur fed Financial Literacy government health care housing inflation interest rates Investing John Hunter Kiva micro-finance mortgage Personal finance personal finance basics quote Real Estate regulation Retirement risk save money Saving spending money Stocks Taxes Tips USA Warren Buffett

Jumbo v. Regular Fixed Mortgage Rates: by Credit Score

Example 30 year mortgage rates (from myfico.com - see site for current rate estimates). Previous posts on this topic: Feb 2008 - August 2007 - May 2007. Since the last post both jumbo and conforming mortgages rates are up (and are up most for high credit scores).

FICO score APR Aug 2008 APR Aug 2008 - jumbo APR Feb 2008 APR Feb 2008 - jumbo APR Aug 2007 APR May 2007
760-850 6.12% 7.00% 5.53% 6.61% 6.27% 5.86%
700-759 6.34% 7.22% 5.75% 6.83% 6.49% 6.08%
660-699 6.62% 7.50% 6.04% 7.12% 6.77% 6.37%
620-659 7.43% 8.31% 6.85% 7.93% 7.58% 7.18%
580-619 9.45% 9.63% 9.22% 9.40% 9.32% 8.82%
500-579 10.31% 10.49% 10.20% 10.37% 10.31% 9.68%

For scores above 620, the APRs above assume a mortgage with 1.0 points and 80% Loan-to-Value Ratio. For scores below 620, these APRs assume a mortgage with 0 points and 60 to 80% Loan-to-Value Ratio.

Since February the premium for jumbo loans has decreased to 88 basis points (from 108) for all credit scores above 620 (the combination of higher down payment and higher regular interest rates below 620 result in very little premium from Jumbo loans, under 20 basis points.

Related: 30 Year Fixed Rate Mortgage Rate Data - Learning About Mortgages - How Much Worse Can the Mortgage Crisis Get? - Real Free Credit Report (in USA)

August 4th, 2008 by John Hunter | 1 Comment | Tags: Financial Literacy, Real Estate

Mortgage Rates Rising

The next shoe to drop in housing

The national average rate on a 30-year fixed-rate mortgage was 5.96% Thursday, after jumping to 6.08% earlier this week, according to Bankrate.com. Rates on a 30-year fixed mortgage were about 5.90% a week ago. A borrower looking for a 5-year adjustable-rate mortgage would pay 5.71% today, up from around 5.03% a week ago.
…
Fannie and Freddie are demanding higher credit scores and charging higher rates for those who don’t have them. Until recently, a borrower with a 620 score might pay the same as one with a 680 score, said Victoria Bingham, chief executive with Pacific Rim Mortgage in Tigard, Ore.

But now that person might have to pay a half percentage point more. With today’s rates, that translates into 6.75% for a 30-year fixed-rate mortgage instead of 6.25%, or $74 more a month on a $225,000 loan, typical for her client base.

Borrowers must also put more money down, especially if they don’t have stellar credit. For instance, those with down payments of less than 5% need a credit score of at least 680, said Steven Plaisance, executive vice president of Arvest Mortgage Co. in Tulsa, Ok. Previously, he could make loans to people without big down payments if they had other strong points, such as stable employment.

Related: Federal Funds Rate and 30 Year Fixed Mortgage Rate - Mortgage Payments by Credit Score (Aug 2007) - learn about mortgage terms - Beginning of the End of Housing Bubble? - How Not to Convert Equity

March 15th, 2008 by John Hunter | 1 Comment | Tags: Personal finance, Real Estate

Comments

Copyright © Curious Cat Investing and Economics Blog

    Personal Finance

    • Credit Card Tips
    • IRAs
    • Investment Risks
    • Loan Terms
    • Saving for Retirement
  • Archives

      All Posts
    • December 2008
    • November 2008
    • October 2008
    • September 2008
    • August 2008
    • July 2008
    • June 2008
    • May 2008
    • April 2008
    • March 2008
    • February 2008
    • January 2008
    • December 2007
    • November 2007
    • October 2007
    • September 2007
    • August 2007
    • July 2007
    • June 2007
    • May 2007
    • April 2007
    • March 2007
    • February 2007
    • January 2007
    • December 2006
    • November 2006
    • October 2006
    • April 2006
    • March 2006
    • January 2006
    • December 2005
    • October 2005
    • July 2005
    • May 2005
    • April 2005
    • April 2004
TopOfBlogs