Interest Rate Update

The following are approximate interest rate levels for varying loan types as of November 14, 2008:

November 14, 2008

 
FIXED RATES

CONFORMING

JUMBO

 

 

 

Rates

Points

Rates

Points

  30-Year Fixed Rate

5.875%

1.000

8.250%

1.000

 
             
  30-Year Fixed Rate FHA

6.250%

 

7.125%

   
             
  40-Year Fixed Rate

6.500%

1.000

 

1.000

 
             
  HYBRID ARMS          
             
  5/1 ARM

5.375%

1.000

6.500%

1.000

 
             
  7/1 ARM

5.875%

1.000

6.750%

1.000

 
             
  10/1 ARM

6.375%

1.000

 

1.000

 
             

 

 
INTEREST ONLY

Rates

Points

Rates

Points

 

HYBRID ARMS        
             
  5/1 ARM

5.625%

1.000

6.625%

1.000

 
             
  7/1 ARM

6.375%

1.000

6.875%

1.000

 
             
  10/1 ARM

6.500%

1.000

 

1.000

Source: Michael Cordova Milestone Mortgage

Mortgages rates settle down a bit during the last week and seem to be more stable. With expectations of more grim economic news and the fear of inflation receding, we should see a continuing decline in mortgage rates over the next few weeks.

For more information about buying or selling a home on the Palos Verdes Peninsula, visit my webiste at http://www.maureenmegowan.com

About mmegowan

I am a realtor with Remax Estate Properties in Palos Verdes Estates. Visit my website at http://www.maureenmegowan.com
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