CNC Mortgage Blog

Dear friends,

I just wanted to let you know where mortgage rates are today should you know of someone who is thing of buying a home or is considering refinancing.

I think it is dangerous to stick out my neck making predictions, however I believe rates will continue to rise once the situation in the Middle East settles down.

7/1 ARM 3.25% ( APR 3.327%) Principal and interest payment on $250,000 loan $1,088.02 per month

30 year fixed mortgage 4.75% ( APR 4.907%) Principal and interest payment on $250,000 loan $1,304.12 per month

15 year fixed mortgage 4.125% ( APR $.393%) Principal and interest payment on $250,000 loan $1,864.92 per month

To these payments must be added monthly payments for real estate taxes and homeowner’s insurance.

Disclosure

Rates, points and APRs shown are for a 45-day lock, single family residence, loan to value 80% or less, purchase or refinance and fully documented income. Conforming APRs based on $250,000 loan in Minnesota. Jumbo loans are calculated with a value of $450,000 and an appraised value of at least $600,000. Adjustable Rate Mortgages (ARMs) have 30-year terms, with rate fixed for initial 3, 5, 7 or 10 years. State and other conditions and restrictions may apply. These rates are available today for purchase or refinance loans of $250,000 with a single family residence with an appraised value of at least $312,500. The borrower must show sufficient income to pay for this mortgage. Loans may be locked after we receive the loan application. Borrowers must have a mid credit score of at least 720 points. Borrowers will be escrowing for taxes and insurance. Closing costs are estimated at $5,740 to which prepaid expenses for taxes and insurance must be added for a refinance transaction. These closing costs include a 1% mortgage broker fee.

Thank you,