Belated IRU

This weeks’ note will be quick! My new assistant (5 year old Diego came with mommy to work today) and he just informed me that it’s time to go home…….
Rates are up for 3 days in a row! Why? Instability in Europe, most specifically there are fears of inflation as food and energy prices are increasing. The ECB yesterday said they are not going to rise the interest rates, but the markets aren’t going for it, as inflation seems to already be on the rise. So bond markets reacted.
On our home turf, there were mixed signals today, which isn’t good market news either. Only 36,000 jobs were created in January, while 148,000 were expected. Normally that would lower rates, but with news of increased hourly wages (up .4%) and unemployment claims down, it signaled to the markets that we are slowly but surely recovering.
Don’t let your buyers and sellers be discouraged by short term spikes in rates! We are still at historically low levels of interest rates. And, we live in one of the most prosperous cities in the country.

Have a safe and warm weekend, and remember, we can still close loans in 3 weeks or less!

RATES as of February 4, 2011 (UP .25% FOR THE WEEK)
The following assumptions apply:
• 20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
• 1% Origination Fee
• Escrows Required (if no escrow, higher fees may apply)
• Purchase Transactions, Primary Residence (Refinances have different rates)
• 30 day closing
• Credit Score 740 +
• Debt to income ratio <=40%
• Full Documentation of Income/Assets

Conforming ($200,000* - $417,000) Jumbo ($417,001- $1,000,000*)
30 year (fixed) 5.125% APR 5.258% 30 year ( fixed ) 5.875% APR 5.997%
15 year (fixed) 4.250% APR 4.476% 15 year ( fixed ) 5.125% APR 5.326%
5/1 ARM 3.625% APR 3.535%
7/1 ARM 4.000% APR 3.751% 5/1 ARM 3.625% APR 3.520%
7/1 ARM 4.000% APR 3.737%
10/1 ARM 5.250% APR 4.552%

FHA/VA call for quote (max loan $270,000)


We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!


If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!


Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage