The following are interest rate quotes from Al Hermann of American/California Financial Services :
|30 Yr Fixed FHA|
|Conforming 30 Yr Fixed up to $417000|
|Conforming Jumbo 30 Yr Fixed $417001 – $625500|
|Conforming Jumbo Fixed $625000 – $729750|
|Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)|
The following is a quote from the latest newsletter published by HSH Associates: “Conforming 30-year FRMs have again descended to levels seen earlier this year, when they spent a nine-week period jumping back and forth over the 5% mark. Those rates have been artificially manipulated to low levels by the influence of the Federal Reserve and other government agencies.
However, things are starting to improve somewhat in what remains of the private non-conforming mortgage market. This week’s 5.96% average for a 30-year jumbo FRM was its first foray below 6% since September 9, 2005. It’s worth noting that jumbos have sported a lower average rate in just 49 of the 509 weeks which have elapsed since Y2K — and that the “bottom of the bottom” noted during that period was only about 40 basis points (.40%) below this week’s figure.”
Interest Rates are incredible now. See my recent blog post What Happens when Uncle Sam stops buying mortgages??? where I discuss the probability that interest rates will move up at least a half percentage point by the end of the first quarter of 2010. Now is a great time to buy while interest rates are at historical lows.
For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.