When it disappeared, I was left staring in utter shock at what it left behind:

30 Year Fixed:

Interest Rate – 4.875%

APR – 4.966%

Payment – $793.81

15 Year Fixed:

Interest Rate – 4.375%

APR – 4.530%

Payment – $1,137.93

30 Year Jumbo:

Interest Rate – 5.125%

APR – 5.233%

Payment – $2,722.43

15 Year Jumbo:

Interest Rate – 4.625%

APR – 4.808%

Payment – $3,856.99

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Additional loan products, rates and lock periods are available.

Conforming Fixed APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

But you better hurry and take advantage of the minor dip back down before you wake up and realize the reality of the 5% range.

Mortgage Rates for October 20, 2009

30 Year Fixed:

Interest Rate – 4.875%

APR – 4.966%

Payment – $793.81

15 Year Fixed:

Interest Rate – 4.375%

APR – 4.530%

Payment – $1,137.93

30 Year Jumbo:

Interest Rate – 5.125%

APR – 5.233%

Payment – $2,722.43

15 Year Jumbo:

Interest Rate – 4.625%

APR – 4.808%

Payment – $3,856.99

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Additional loan products, rates and lock periods are available.

Conforming Fixed APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

While we can only hope that these rates find their red ruby slippers sticking out from under some financial institution, we are left to embrace the reality that they are now merely a memory of the past and a dream of the future.

30 Year Fixed:

Interest Rate – 5.125%

APR – 5.278%

Payment – $816.73

15 Year Fixed:

Interest Rate – 4.625%

APR – 4.883%

Payment – $1,157.10

30 Year Jumbo:

Interest Rate – 5.50%

APR – 5.61%

Payment – $2,838.95

15 Year Jumbo:

Interest Rate – 5.00%

APR – 4.184%

Payment – $3,953.97

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Additional loan products, rates and lock periods are available.

Conforming Fixed APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

What does that have to do with this week’s mortgage rate report? Well, funny you should ask. I have heard from a very close friend of mine who works for Apple that many people are upset with the new release of iPods. Why? People were “wanting” a video camera in the iPod touch. Apple met the “need” for a video camera, but put it in the iPod nano.

Let’s take this to mortgages now. Many people want, low rates, low prices, and the perfect home. Well, you can’t always get what you want. Right now, the market is giving you at best 2 of the 3. Low rates still exist and low prices are still hanging on. But, the want to find the perfect home might just not be there. Go with what you need… a roof, walls, 2 or 3 bedroom, bathrooms, kitchen, etc. It might be the wrong shade of color. Or the kitchen might be a little outdated. Who cares!!! Get what you need before you cannot get anything at all.

So with that being said, here are the mortgage rates for today that you have been “wanting” to see:

30 Year Fixed:

Interest Rate – 4.875%

APR – 4.966%

Payment – $793.81

15 Year Fixed:

Interest Rate – 4.375%

APR – 4.530%

Payment – $1,137.93

30 Year Jumbo:

Interest Rate – 5.375%

APR – 5.484%

Payment – $2,799.86

15 Year Jumbo:

Interest Rate – 4.875%

APR – 4.922%

Payment – $3,921.49

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

• Additional loan products, rates and lock periods are available.

Conforming Fixed, ARM APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Mortgage rates have been holding steady for the past couple weeks.  Mortgage applications have increased.  Is this a sign that the market is turning around?  If it is, then you need to act quickly to get the good housing prices and stop rolling the dice when it comes to your interest rate.

This week’s mortgage rates:

30 Year Fixed:

Interest Rate – 5.0%

APR – 5.151%

Payment – $805.23

15 Year Fixed:

Interest Rate – 4.5%

APR – 4.757%

Payment – $1,147.49

30 Year Jumbo:

Interest Rate – 5.375%

APR – 5.484%

Payment – $2,799.86

15 Year Jumbo:

Interest Rate – 4.75%

APR – 4.933%

Payment – $3,889.16

Please feel free to share your comments on this new formatting versus the old one with the charts.  I feel that this will be easier to read.  Also, I have taken out the ARM rates, as no one has expressed interest in ARMs.  If you would like a custom quote on ARM rates, please feel free to call me at 352-308-7219.

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

• Additional loan products, rates and lock periods are available.

Conforming Fixed, ARM APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Holy 4.875% Rates, Batman!!!  Yes, it is in the 4% range again.  How many times are you going to flirt with this before you decide now is the time.

Apply now to lock in your rate. The application only takes about 5 minutes to complete.

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Additional loan products, rates and lock periods are available.

Conforming Fixed APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

It looks like rates have pretty much held steady this past week.  But how much longer will it hold out?

Apply now to lock in your rate. The application only takes about 5 minutes to complete.

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

• Additional loan products, rates and lock periods are available.

Conforming Fixed, ARM APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

You hemmed and hawed when rates went back over 5%.  You even promised yourself that if they dropped back down into the 4% range, you would act.  The mortgage gods listened to your prayers and dropped rates back to below 5% last week.  You thought maybe it will go down just a little more.  And now…

Apply now to lock in your rate. The application only takes about 5 minutes to complete.

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

• Additional loan products, rates and lock periods are available.

Conforming Fixed, ARM APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Apply now to lock in your rate.  The application only takes about 5 minutes to complete.

*The rates published on this page are applicable only to requests received from this site or by calling 352-308-7219. Mortgage rates published on this page are the current rates for a single-family, primary residence based on a 30-day lock period and are subject to change without notice. In order to receive a guaranteed rate, you must have applied for an application through Knightlines Mortgage Services, LLC and received a verbal confirmation from a mortgage broker that your desired rate is locked. Your guaranteed mortgage rate will depend on factors such as current market conditions, loan product, occupancy, property type and your credit profile.

Loan Product and APR Information

• Conforming rates are for loan amounts not exceeding $417,000 ($625,500 in AK and HI)

• Jumbo rates are for loan amounts exceeding $417,000 ($625,500 in AK and HI)

• Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.

• Additional loan products, rates and lock periods are available.

Conforming Fixed, ARM APR calculation assumes a $150,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Jumbo Fixed APR calculation assumes a $500,000 loan amount with a 20% down payment, estimated borrower paid finance charges of .75% of the loan amount plus discount and origination if applicable. If the down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR.

Just two days ago, mortgage interest rates were still under the 5% barrier at 4.875% for a 30 Year Fixed Rate Mortgage (FRM).  Today, the dreams of owning a home with a mortgage loan at a 4%+ interest rate turned into a horrifying nightmare that those days are no more.

With new home sales seeing an increase of almost 3% nationwide, most of those sales coming from first-time home owners, lending institutions have begun to increase their rates in hopes that they can liquidate new mortgages more easily on the secondary mortgage market.  With these higher rates, Mortgage Backed Securities (MBS) become a stronger financial investment for Wall Street.

As the previous ceiling of 5% becomes the new floor, future home owners and current home owners looking to refinance can expect a testing of the new ceiling in the upcoming months.  What this means is that 5% will soon become a thing of the past, too.  And mid-5% rates become the new floor and the ceiling testing the 6% interest rate range.

Even with interest rates climbing, lenders are keeping their qualifying guidelines in place.  So future borrowers looking to purchase a new home will now qualify for less of a home.  Add that with slowly increasing home prices, it is only a matter of time before the opportunity for many new home owners to own a home disappears much like the fog fades away and the city of Brigadoon is gone for another 100 years.

Hope is not all but gone, yet.  Call us today to get your financing in place before your opportunity of home ownership starts knocking on someone else’s door.