Mortgage rates continued to trend higher for the third consecutive week.  Still, Freddie Mac’s weekly survey of lenders shows 30 -year rates are under 5%, and attribute the recent uptick to concerns about inflation and an encouraging employment report. Good news for the economy, i.e. more jobs and higher prices for producers — typically spells bad news for mortgage rates.
Keep in mind that In addition to reduced rates, for buyers of investment properties, Prosperity has special rates for “jumbo” buyers. Current jumbo 30 year jumbo rates  for loans over $535,900 are 5.125% – making it a great time for move-up buyers to get an affordable payment. On a $600,000 loan the difference between 5.125% and 6.125% is $376 per month- or $135,360 over the life of the loan.

Here are our current  rates for purchase loans above $150,000 for buyers with 740+ credit scores and 30 day rate locks:

30 year fixed ($150,000-$417,000): 4.875%  (5.0% for investment properties with 25% down!)
30 year fixed ($417,000-$535,900):  5.0%
FHA/VA  30 year fixed: 4.75%
FHA 5/1 ARM:3. 625%
Jumbo 30 year fixed:5.125%

All rates reflect a 1% origination fee. Please note rates do vary by occupancy, credit score, rate lock period, and loan-to-value.

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