Westwood, Friday September 19th, 2008 Interest Rate Update for The Westwoodian:
With the uncertainty of the credit markets as well as the secondary mortgage institutions Fanny Mae and Freddie Mac, mortgage rates have ticked up a little this week. Here are the approximate interest rates for this week of September 19th. 2008 for 30 year fixed loans for residential properties (single family homes and condominiums):
Conforming Loan (loan amount up to $417,000) - 5.75%
Agency Jumbo Loan (loan amount $417,000 - $729,750) - 6.0%
Jumbo Loan (loan amount over $729,750) - 7.5%.
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. Posted by Mickey Kessler at 8:24 AM
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