In a historic surprise move, the Federal Reserve lowered interest rates yesterday a whopping 50 basis points! This is fantastic news for homebuyers waiting for the perfect moment to lock in a low rate. This move alone could shave hundreds off a monthly mortgage payment.
My good friend and trusted mortgage advisor, Johanna Stubblefield over at Loan Simple has detailed the latest rate offerings below. Please contact her at 720-240-6537 or jstubblefield@loansimple.com for detailed info on your specific situation.
All rates quoted below are for a purchase, single family detached home, with a 30-day rate lock, as of March 4th, 2020 at 2:00 PM, based on daily market activity.
Conventional FNMA 30-year fixed 680 credit score $427,500 loan amount 95% Loan-to-value
4.125%, 4.174% APR
Conventional FNMA 30-year fixed 780 credit score $427,500 loan amount 95% Loan-to-value
3.375%, 3.442% APR
Conventional FNMA 30-year fixed 780 credit score $400,000 loan amount 20% Loan-to-value
3.5%, 3.55% APR
Conventional FNMA15-year fixed 780 credit score $400,000 loan amount 20% Loan-to-value 3.125%, 3.215% APR
Conventional FNMA15-year fixed 680 credit score $400,000 loan amount 20% Loan-to-value
3.25%, 3.341% APR
FHA 30-year fixed 680 credit score $441,849 loan amount 96.5% Loan-to-value 3.75%, 4.79% APR
CHFA Down Payment Assistant First Step Plus 2nd 30-year fixed rate FHA loan 640 credit score $392,755 loan amount 96.5% LTV 3.875%, 5.01% APR
VA 30-year fixed 680 credit score $425,000 loan amount 100% Loan-to-value 4%, 4.409% APR
VA 30-year fixed 780 credit score $425,000 loan amount 100% Loan-to-value 4%, 4.409% APR
The average rate on a 30-year fixed mortgage was down nearly a quarter point this week from a week earlier, its biggest drop in over a decade!
