Wednesday, November 19, 2008

Mortgage Interest Rate Update

As of November 19, 2008 the conforming interest rates has fallen to 5.875%. This is the 30 year fixed rate for loan up to $417,000.

Conforming Jumbo loans from $417,001 to $729,751 is at 6.25%.

Jumbo loans LOAN AMOUNTS $729,751-$2,000,000
5/1 Year Fixed 5.875 %
7/1 Year Fixed 6.125%
Interest only available

Information provided by Jeff Fink at LA Mortgage.

Inventory of homes continue to slide. We are currently at a 6-7 month supply of homes which is signaling that homes are selling. If you are ready to purchase a home, please call me.

Richard Johnston, Rodeo Realty

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