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October 4, 2012

Besides FHA loan, rates remain unchanged since October 1

by Rylan Stewart
Boats and Rock

Since our update on Monday, the only mortgage rate that has changed has been the FHA loan, which gained a bit over an 1/8 point in cost. Otherwise, rates remain right at the record low levels with little sign of movement. Over the past week, the S&P 500 has logged four-straight days of gains, as stocks have shown some small upward movements. The 10-year Treasury yield, meanwhile, has sat at 1.64 percent for the past three days. The government employment report released on Friday, October 5 will set the tone for the market, and if the data comes in significantly higher or lower than expected, could possibly affect mortgage rates. Stay tuned.

Conforming (30 year) -

3.250 percent (3.239 APR)

- 0.000 percent APR

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Conforming (15 year) -

2.750 percent (2.734 percent APR)

- 0.000 percent APR

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Conforming High Balance (30 year) -

3.375 percent (3.364 percent APR)

- 0.000 percent APR

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FHA (30 year) -

3.250 percent (4.190 percent APR)

+0.023 percent APR

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FHA 203k -

3.250 percent (4.367 percent APR)

-0.006 percent APR

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VA (30 year) -

3.250 percent (3.239 percent APR)

-0.000 percent APR

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USDA (30 year)

3.250 percent (3.831 percent APR)

-0.000 percent APR

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Manufactured FHA (30 year)

4.250 percent (5.216 percent APR)

+0.024 percent APR

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Manufactured Conventional (30 year)

3.500 percent (3.511 percent APR)

-0.020 percent APR

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Jumbo (30 year)

3.875 percent (3.959 percent APR)

+0.013 percent APR

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APR is subject to increase and terms subject to change. APRs may very depending on loan details such as points, loan amount and loan-to-value, your credit, property type and occupancy. Closed rate and APR assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance), and a minimum FICO score of 760. Situations vary based on applicant.

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Central Coast Lending is a California mortgage brokerage based in San Luis Obispo County. With offices in San Luis Obispo, Morro Bay, Paso Robles, and Arroyo Grande, Central Coast Lending is the top source for Central Coast mortgage, real estate, and home loan needs. To see why using a broker offers lower rates and superior service, click HERE. For a free, hassle-free online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers.


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