Mortgage Rate Update August 2010

The Fed held rates steady at their regularly scheduled meeting this week and basically admitted that the economy is weakening. Unemployment is worse, the stock market declines and money flowed into bonds, including Mortgage-Backed Securities. What’s bad for the economy is good for rates and so mortgage rates remain at record low rates. Conforming rates are just above 4% for a 30-year loan and 15 year loans are around 3.75%. Jumbo loan rates are lower too and there are more jumbo lenders in the arena.

Click here for a news article on the resurgence of Jumbo financing: http://www.cnbc.com/id/38674499

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