Interest Rates Trend Report
By: Kevin Hawkins, Golf Savings Bank

July 9, 2010

Local mortgage rates for purchase loans are averaging 4.625% with no points, no loan origination fee and 4.375% for one point and no loan origination fee for a 30-Year Fixed Rate mortgage.

Here are mortgage interest rate ranges available on Bainbridge at the end of the week:

30-Year Fixed Rate conforming loans:
4.375% to 4.625%, with 0 points/1% loan orig. fee to no points/no loan orig. fee

15-Year Fixed Rate conforming loans:
3.875% to 4.125%, with 0 points/1% loan orig. fee to no points/no loan orig. fee

5-Year ARMs:
3.50% to 3.75%, with 0 points/1% loan orig. fee to no points/no loan orig. fee

7-Year ARMs:
3.50% to 3.875%, with 0 points/1% loan orig. fee to no points/no loan orig. fee

Golf Savings Bank is currently closing purchase loans -- FHA, VA and Conforming loans -- in 30 days or less (exception are loans brokered out), and JUMBO Fixed Rate loans we are doing with an in-house lender in 45 days or less. USDA/Rural housing new funding has not passed in Congress yet.

JUMBO LOAN UPDATE:
30 Year Fixed Rate Jumbo:
5.375% to 5.875%, with 1 point to no points/no loan org. fee

15 Year Fixed Rate Jumbo loans:
5.00% to 5.625%, with 1 point to no points/no loan org. fee

5 Year Jumbo ARMs processed and funded locally:
4.75% with no points/no loan origination fee

5 Year Jumbo ARMs brokered out:
3.50% with 1 point/no loan org. fee

Note: all rates shown are based on an average interest rate lock period of 30 days for conforming loans (25 days for jumbos), based on an average of local lender published rates as of July 9, 2010, based on a 740 middle credit score, purchase loans only with at least 20% down. Rates will vary for refinance loans, depending on a number of factors; assumes no loan origination fee unless otherwise noted

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Homeowners HOPENOW: http://www.hopenow.com/

Homeownership Preservation Foundation: http://www.hpfonline.org/

How To Avoid Foreclosure (ideas from HUD): http://www.hud.gov/foreclosure/

A Consumer's Guide to ID Theft Awareness and Avoidance
http://www.krollfraudsolutions.com/understanding-id-theft/consumer-tips.aspx