Thursday, December 11, 2008

Rate Watch from Gwen & Rhoda




Here is the latest and greatest from a pair of super cool mortgage brokers, Gwen Hoople & Rhoda Paul of Holmgren Mortgage in Oakland.

"Mortgage rates increased last week despite news that the economy will be in an extended recession and a jobs report that was weaker than expected. Stocks surged Monday in a positive response to progress on a potential rescue of the Big Three auto makers, as well as news of President-elect Obama’s stimulus plans. Rates normally rise when the stock market rises, but are relatively unchanged since last week. We are receiving many calls from consumers asking about the Treasury plan to reduce mortgage rates to 4.5%, but so far no information has emerged about what this means, who it will apply to, and other critical details."

30 Year Fixed Conforming: 5.625%/5.662%APR
30 Year Fixed Agency-Jumbo: 6.000%/6.024%APR
5 Year Fixed Conforming (1 Point): 5.375%/5.435%APR
5 Year Fixed Int. Only Conforming (1 Point): 5.500%/5.456%APR
5 Year Fixed Int. Only Jumbo (1 Point): 5.750%/5.477%APR

No comments: