Mortgage Rate Update May 2010

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Mortgage Rate Update May 2010

Rates have drifted up a little this week after a nice improvement over the previous two weeks. As stocks spiraled lower following concerns about the global economy and the financial issues overseas, investors moved money into U.S. Treasuries and bonds, including Mortgage-Backed Securities as a safe-haven from the stock selling. That led to lower mortgage rates over the past two weeks. However, if those concerns continue to ease as they have showed this morning, we could be in for more increases to mortgage rates in the very near future. We’ll have to see how it all plays out.

In the meantime, rates are still great and near all-time lows. And, JUMBO rates are the best they have ever been as lenders continue to gain confidence again about their ability to securitize and sell Jumbo loans that exceed the maximum loan limits of Fannie Mae and Freddie Mac.

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Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

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