Pricing has remained very attractive with the 10 year treasury currently at 1.59%. This is largely driven by the Coronavirus and could swing higher coming weeks. Regular Fannie Mae limits have increased to $510,400 and $765,600 in high balance counties. Current Fannie Mae pricing on 30 year fixed with 740 credit scores is 3.375% (3.449% APR).
Keep in mind the Bank of America Down Payment and Closing Cost Grant program up to $17,500. Qualification is based on income or subject property location. Income limits
$86,480 Middlesex/Somerset/Monmouth
$78,880 Union/Essex/Morris/Hunterdon
$63,440 Passaic
Jumbo pricing starts at $510,401 and current rates below not reflecting any relationship discounts.
Purchase
780+ credit
20% down
3.25% 30 year fixed (3.279% APR) True 30 year fixed not a 15/15 loan that changes in 15 years
3.125% 20 year fixed (3.165% APR)
2.625% 10/1 ARM (3.3245% APR) True 10 year arm not a 5/5 that could jump to close to 5% higher on payment 61.
2.5% 7/1 ARM (3.401% APR)
2.25% 5/1 ARM (3.495% APR)
2.875% 15 year fixed (2.927% APR)
