It was a fairly quiet week in the financial/mortgage area which is a welcome change from the last several months.
Rates are down slightly for all loans. The current interest rate for a 30-year fixed conforming loan is 5% and 5.875% for a jumbo loan. A 5/1 Year ARM is 3.625% for conforming loans and 5.125% for jumbo loans. A 5/1 Interest Only conforming loan has a 3.75% interest rate and a jumbo loan has a 5.25% interest rate. Jumbo loans (over $729,750) are down significantly since the beginning of the year.