Nashville Mortgage rates have dropped significantly and should continue to do so over the next few weeks as the Fed buys treasuries along with Fannie/Freddie MBS.
I had a request this week for $2.2 million loan for a purchase my regular quote was 1.25% lower on RATE than the competition, their private banker. On FHA and CONV I was .50 cheaper on points over seven quotes.
That said; purchase pre-quals are on FIRE! These are for purchases with the following LTV’s. AS A RULE WE USUALLY WON’T GET BEAT ON RATE AND OFTEN ARE BETTER. WHEN WE’RE NOT, I’LL MATCH!
Conventional: 95% 4.375 0+1
Jumbo: 80% 5.50 0+1 up to $1 million
FHA: 96.5% 4.50 0+1
Larry Fisher – Bank of America