INTEREST RATE UPDATE

Westwood, Friday September 5th, 2008 Interest Rate Update for The Westwoodian:

There has been some volatility in the mortgage market with reports of the instability of the secondary mortgage market institutions (Fanny Mae and Freddie Mac) as well as some instability in the bond market. As a result, rates have come down a little since last week. Here are the approximate interest rates for this week of September 5th. 2008 for 30 year fixed loans for residential properties (single family homes and condominiums):


Conforming Loan (loan amount up to $417,000) - 6.0%
Agency Jumbo Loan (loan amount $417,000 - $729,750) - 6.125%
Jumbo Loan (loan amount over $729,000) - 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