This week The Fed announced that they would hold their interest rates constant. Rates have come down a little since last week (Possibly a result of the Fed's announcement).
These are the approximate interest rates for this week of June 27th. 2008 for 30 year fixed loans for residential properties (single family homes and condominiums):
Conforming Loan (loan amount up to $417,000) - 6.25%
Jumbo Agency Loan (loan amount $417,000 - $729,000) - 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)- 6.375%
This information has been provided by Jim Greenwald of First Capital Mortgage at 310-434-1703.
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