Interest rates were moving downward today. A 30 year fixed conforming jumbo loan (maximum loan amount of $729,750) was 6.125 percent with ZERO points. A minimum of 10% down payment is required and with a 20% down payment, there is no PMI (private mortgage insurance).
Today’s rates are down 1/2% from a month ago which increases affordability 5% and should bring more buyers to the market. In the last thirty years, there were only 3 years with average fixed interest rates that were lower than today’s rates – 2003, 2004 and 2005.
Above loan information is provided by Jim Kurata, Peninsula Mortgage/Chase.
