Lock in that Mortgage Rate

I can't keep up with what seems like hourly changes in mortgage rates these days. And the rules for getting a mortgage have been changing every week as well. Which is why it is important to have a great relationship with a couple of mortgage bankers and mortgage brokers. I can look to those people for sound advice and great rates & terms.

Last night, I got this report from Kathy Rylander of Granite Mortgage (one of the best in this business):

Today, forget Treasury Bonds ... stocks up 494 points! Dow closes at 8,046!

WOW!!!! WHY?

Wall Street hailed Obama’s tapping New York Federal Bank president Timothy Geithner for Treasury Secretary. We should wish him well. If he is confirmed to this most important cabinet post, he will inherit the toughest job in Washington. He will be charged with restoring stability to the financial markets, the banking system and the housing sector through oversight of the controversial $700 billion financial rescue package…no job for the faint of heart!

Our current Dallas real estate market has been compared to the climate in the late 80s when the savings & loan debacle was in full swing. One of the big differences in this market is the mortgage rates. The interest rates were double digits back then.

Today's Rates:

Conforming to $417,000 _Jumbo above $417,000

30 Year 5.875% _____30 Year 7.500%

15 Year 5.500%_____ 15 Year 7.250%

3/1 ARM 5.500% _____3/1 ARM 5.375%

5/1 ARM 5.625%_____ 5/1 ARM 5.875%

FHA & VA 6.000%

No Points & No Origination

One point (1% of loan paid at closing) lowers rate .25%+

[where: 75230]