From our friend Steve Wagner at Arlington Bank….

Today’s Rate: 6.000% 30 year fixed (down .375%)

5.625% 15 year fixed (down .500%)

Yesterday afternoon the market improved dramatically.  The stock market took a jump up and bond money improved amazingly.  Money seemed to be flowing into America suddenly yesterday afternoon.  It stopped yesterday afternoon late and this morning is back to blah.  Fortunately, the mortgage rates took a huge dive because of this.  The part we couldn’t understand yesterday is that crude oil took a $7.50 spike per barrel.  It came back down $2.00 this morning.  We can’t quite figure out why this happened along with the other shifts. Today would be a good day to buy some  gasoline.   Of course everyone’s fear is that the markets will do poor because of possible tax consequences of those high end folks with money from the new administration.

5.875% 10/1 ARM (down .125%)

7.250%+ 1% Origination fee, First Time Homebuyer Bond Money

6.000% FHA   (down .500%)

6.000% VA (down .500%)

7.375% Jumbo 30 year fixed (same)

30 days, escrow, $110K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% point, 0% origination fee.

Mortgage Tip of the Day: Remember, both FHA and VA have the upfront funding fee that can be financed into the loan but only FHA has the MIP insurance in the payment monthly.  If you look at the APR’s for those two that is why the VA APR is dramatically smaller than the FHA.

Steve Wagner

The Arlington Bank

4621 Reed Road

Columbus, OH 43220

Office: 614-486-9104

Cell: 614-271-0888

Fax: 614-486-4078