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Today's Mortgage Rates

Loans up to $417,000	Rate	APR
30 Year Fixed	3.250	3.438
15 Year Fixed	2.750	2.857
7 Year ARM	1.750	2.940
5 Year ARM	1.375	2.967
3 Year ARM	2.250	3.086
FHA Rates	Rate	APR
30 Year Fixed	3.250	3.915
15 Year Fixed	2.750	3.141

Rate Details as of 05/17/2012

Mortgage Rate Alerts

Amerisave Market Niches

This table shows the products and services Amerisave prices on its website.

Comments by Mortgage Professor	Loan Programs	Priced On-Line by Amerisave
Fixed-rate programs are usually identified by their term.	Fixed-Rate Programs
	40-years	X
	30-years	X
	25-years	X
	20-years	X
	15-years	X
	10-years	X
Balloon-loan programs are identified by the period for which the quoted rate holds. The balance is due at the end of that period.	Balloon-Loan Programs
	5-year
	7-year
	15-year	X
The first figure is the initial rate period, the second figure is the rate adjustment period after the initial rate period ends. ARM programs are also identified by the interest rate index that they use, and other features. See Requirement 4.	Adjustable-Rate Programs *
	1 month/1 month	X
	3 months/3 months
	6 months/6 months
	1 year/1 year	X
	3 years/1 year	X
	5 years/1 year	X
	7 years/1 year	X
	10 years/1 year	X
	3 years/3 years
	5 years/5 years
	FHA Programs	X
	VA Programs
	Second Mortgage Fixed-Rate Programs	X
	Second Mortgage Adjustable-Rate Programs
	State Coverage
Not all lenders operate in every state.	All states except: NY
	Property Types
Few lenders make loans on all types of properties	Single-family	X
	2-4 family homes	X
	Condo, less than 5 stories	X
	Condo, more than 5 stories	X
	Co-ops
	Manufactured homes	X
	Land
	In a planned unit development (PUD)	X
	Farms
	Commercial
	Alternative Documentation
The precise details of alternative documentation requirements may differ a little from one lender to another.	"Stated income", "stated assets", or both: income and/or assets are disclosed but not verified by lender.
	"No ratio": maximum ratios of housing expense and total expense to income are ignored by lender.
	"No income", "no assets", or both: income and/or assets are not disclosed.
	Options
Shoppers should expect to pay more for a waiver of escrows or a float-down, less for accepting a prepayment penalty. A float-down is a lock plus the right to a lower rate if market rates decline.	Waive escrow of taxes and insurance	X
	Prepayment penalty
	Float-down
	Interest-only	X
	Temporary buydown
	Special Loan Purposes
All of these cost more than loans taken out to purchase a home for permanent occupancy, or to refinance with no cash out.	Cash-out refinance	X
	Use house as vacation or second home	X
	Rent out house	X
	Borrower a non-resident alien
	Construction loan
	Bridge loan
	Maximums and Minimums Across All Programs	Max & Min of Lender
Warning! The maximums and minimums vary for different programs. For example, the longest lock might be available for ARMs but not FRMs. Further, the stated maximums and minimums are not likely to be available on the same loan. Don't expect to get a 107% loan, for example, if you have a 540 credit score. (Note: you can get your credit score on www.myfico.com.) Housing expense is the sum of the mortgage payment, property taxes and homeowners insurance.	Maximum ratio of loan to value	100%
	Minimum credit score	NA
	Maximum loan size	$6 million
	Minimum loan size	$50,000
	Maximum ratio of housing expense to income before taxes	NA
	Maximum ratio of housing expense plus other debt payments to income before taxes	NA
	Longest lock period available	60 days