Great rates but economy still sluggish.


Rates on 30-year mortgages averaged a record low 4.12% this week, according to Freddie Mac. Yet new mortgage applications for purchases and refinances have dropped recently. Wells Fargo’s economists attribute this to tighter underwriting standards and sluggish economic growth. However, underwater homeowners may still be eligible to refinance through the Obama Administration’s Making Home Affordable Refinance Program.

*** Remember Prosperity has preferred rates for purchase loans and has reduced rates .25% for homebuyers in need of jumbo loans! Please see below for details. In our area, jumbo loans are over $535,900.

Here are current rates for purchase loans on single-family homes greater than $150,000 with 20% down and 740+ credit scores . Please call for rates on refinances.

Conf 30 year fixed to $417,000: 3.875%
Conf 15 year fixed: 3.0%
Conf 30 year fixed ($417,000-$535,900): 4.0%
FHA 30 year fixed: 3.75%
FHA 5/1 ARM: 2.75%
Jumbo 30 year fixed ($528,750+): 4.25%

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, rate lock period, occupancy and loan to value.

Thanks,

Emily

Emily Scarborough
Home Mortgage Consultant
Prosperity Mortgage Company
MAC M8615-011
5702 Grove Ave
Richmond, VA 23226
804-285-4216 Tel
804-281-7846 Fax
1-888-664-7683 Toll Free
emily.scarborough
http://www.emilyscarboroughforloans.com
NoEmailRequest with your name and email address.

All first mortgage products are offered and provided by Prosperity Mortgage Company. Prosperity Mortgage Company is licensed in New Jersey as a Department of Banking Mortgage Banker. Prosperity Mortgage Company may not be available in your area. ©2008 Prosperity Mortgage Company. All Rights Reserve. An Equal Housing Lender.

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