Rates are still GREAT to buy a home

After a tumultuous week, mortgage rates and the stock market both ended the week very close to where they started.  Thursday’s announcement of a comprehensive plan to bail out the financial system calmed the markets. Details are still to be worked out, but the idea is for the government to establish a rescue vehicle that will buy hard-hit securities from financial institutions. 

Freddie Mac reported the average 30 year loan rate at 5.78% from 5.93%,and 6.34% a year ago.

 Here are our weekend rates:

 Conf 30 year fixed: 5.75%

FHA 30 year fixed: 5.75%

High Balance Conf ($417,000-$528,750): 5.75%*** with free 1% buy-down for the first year for new loans locked by September 30^{th (requires 20% down)} ***

Jumbo 30 year: 8.75%

 All rates reflect 1 origination, 0 discount points.

provided by: Prosperity Mortgage (Wells Fargo)