30-year fixed interest rates are down today compared to the beginning of the month. Jumbo loans actually went down 1/2% today (30-year fixed). The remainder of the loan products quoted above are up one-eighth of a percent since the beginning of the month.
There are many changes in the wind for mortgages. The word is that by December jumbo conforming loans will be gone. No income verification loans are forecasted to be obsolete any day making it harder for self-employed borrowers to get loans. There will also be less choices in loan programs as the current financial chaos settles. For example, negative amortization loans and interest only loans are currently illegal in some states.
It is more important now than ever to get the counsel of a knowledgable, well-connected loan officer who can get you the loan.
Above loan information is provided by Jim Kurata, Peninsula Mortgage/Chase.
