Interest Rate Update

The following are excerpts from the newsletter from HSH Associates for the week ending January 11, 2008:

“Mortgage rates continue their 2008 march downward, Conforming 30-year fixed rates averaged 5.87%, their lowest point since late September 2005. The average 5/1 ARM hit its lowest point in nearly two years.”

 30 Year fixed rate Jumbo loans are in the range of 6.75 to 7.25%, while 5 year ARM loans are in the low 6% range.