Example 30 year mortgage rates (from myfico.com – see site for current rate estimates). Previous posts on this topic: Feb 2008 – August 2007 – May 2007. Since the last post both jumbo and conforming mortgages rates are up (and are up most for high credit scores).
| FICO score | APR Aug 2008 | APR Aug 2008 – jumbo | APR Feb 2008 | APR Feb 2008 – jumbo | APR Aug 2007 | APR May 2007 |
|---|---|---|---|---|---|---|
| 760-850 | 6.12% | 7.00% | 5.53% | 6.61% | 6.27% | 5.86% |
| 700-759 | 6.34% | 7.22% | 5.75% | 6.83% | 6.49% | 6.08% |
| 660-699 | 6.62% | 7.50% | 6.04% | 7.12% | 6.77% | 6.37% |
| 620-659 | 7.43% | 8.31% | 6.85% | 7.93% | 7.58% | 7.18% |
| 580-619 | 9.45% | 9.63% | 9.22% | 9.40% | 9.32% | 8.82% |
| 500-579 | 10.31% | 10.49% | 10.20% | 10.37% | 10.31% | 9.68% |
For scores above 620, the APRs above assume a mortgage with 1.0 points and 80% Loan-to-Value Ratio. For scores below 620, these APRs assume a mortgage with 0 points and 60 to 80% Loan-to-Value Ratio.
Since February the premium for jumbo loans has decreased to 88 basis points (from 108) for all credit scores above 620 (the combination of higher down payment and higher regular interest rates below 620 result in very little premium from Jumbo loans, under 20 basis points.
Related: 30 Year Fixed Rate Mortgage Rate Data – Learning About Mortgages – How Much Worse Can the Mortgage Crisis Get? – Real Free Credit Report (in USA)
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