Westwood, Friday September 12th, 2008 Interest Rate Update for The Westwoodian:
With the news that secondary mortgage market institutions Fanny Mae and Freddie Mac have been taken over by the federal government, rates have dropped again for the second time in two weeks. Here are the approximate interest rates for this week of September 12th. 2008 for 30 year fixed loans for residential properties (single family homes and condominiums):
Conforming Loan (loan amount up to $417,000) - 5.625%
Agency Jumbo Loan (loan amount $417,000 - $729,750) - 5.875%
Jumbo Loan (loan amount over $729,000) - 7.125%.
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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