Rates have come down a little since last week. Here are the approximate interest rates for this week of August 1st. 2008 for 30 year fixed loans for residential properties (single family homes and condominiums):
Conforming Loan (loan amount up to $417,000) - 6.25%
Agency Jumbo Loan (loan amount $417,000 - $729,750) - 6.375%
Jumbo Loan (loan amount over $729,000) - 7.625%
An alternative to the high interest rate of the 30 year fixed jumbo is the 10 year fixed converting Jumbo loan (loan amount over $729,000)- 6.5%
This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.
