Financial/Mortgage Update


Friday’s mortgage rates are up between 1/4 percent (jumbo 5/1 Year ARM) and 3/4 percent (jumbo 30 year fixed) compared to my last Mortgage Update on June 8, 2008. As you can see from the chart above, today’s borrower of a 30 year fixed loan will pay 6.5% conforming and 7.75% jumbo. Attention buyers: The time is right to get off the fence and purchase your new home now. Rates are not forcasted to return to last year’s record lows and may even be going in the opposite direction. There are FHA loans available with as little as 3% down on loan amounts up to $729,750 (this higher loan amount is only approved through the end of this year unless Congress extends it).

Above mortgage rates for Palos Verdes homes are provided by Jim Kurata, Peninsula Mortgage/Chase.

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