Aug 8, 2008

Mortgage Update

Wall Street ended the week on a high note and mortgage interest rates stayed steady.

The Dow jumped to 11,734

The 10-year bond yield dropped below 4%

Oil plummeted to $115


The dollar rallied to 5-month high!

Due to huge losses, Fannie Mae will continue to make changes to slow its financial hemorrhaging. As Fannie and Freddie join mortgage companies passing their losses to consumers, it looks like loans will continue to be more difficult and more expensive to obtain.

Rates as of today:

Conforming to $417,000

30 Year 6.500%

15 Year 6.000%

3/1 ARM 5.875%

Jumbo above $417,000:

30 year 7.625%

15 year 7.000%

3/1 ARM 6.125%

5/1 ARM 6.625%

No Points & No Origination.
One point (1% of loan paid at closing) lowers rate .25%
[where: 75230]

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