Mortgage Rates Falling


Mortgage rates fell this week amid furthering signs of a weakening economy.  Fannie Mae and Freddie Mac said they would help streamline the modification of loans for potentially hundreds of thousands of homeowners who are 90 days or more behind on their mortgage payments. This, along with similar plans recently announced by many banks, should help to stem the tide of foreclosures.  

Freddie Mac reported the average 30-year fixed rate fell to 6.14% from 6.20%, and 6.24% a year ago. 

Here are our weekend rates: 

Conforming 30 year fixed: 5.875%

FHA 30 year fixed: 6.0%

“Jumbo” 30 year fixed with Wells Fargo Banking Relationship: 7.375%

“Jumbo” 5/1 ARM with Wells Fargo Banking Relationship: 6.0% 

All rates reflect 1 origination, 0 discount points. Please note rates may vary by credit score, loan amount and lock period.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: