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Interest Rates are Near 45 Year Lows

Hope you had a nice Thanksgiving weekend, rates are almost at 45 year lows, not seen since August of 2003, when 30 year fixed rates were below 5.0%.

I want to give you an update on rates and a couple of changes that are taking place regarding the conforming limits. As to rates, they are still on the downswing…but as we all know…subject to rise quickly should any positive economic news is broadcasted! One thing we must remember when talking rates is that there are some nice savings on loan fees and your interest rate is improved when your FICO credit score is over 700. These rates today are for borrowers who are A+ rated.

30 year conforming fixed rates (up to $417,000). Currently at 5.25% - 5.375%, although for a couple points, you can have 4.875% (haven’t seen these rates for nearly 5 years!)

30 year conforming/jumbo ($417,001 to $729,750…only until the end of the year). Currently at 5.5% - 5.625%.

15 year fixed rates (up to $417,000). Currently at 4.875% to 5.0%

15 year conforming/jumbo ($417,000 to $729,750…only until the end of the year). Currently at 5.25% to 5.375%

One major change is currently under way. As of January 1st, 2009. Extension of higher conforming loan limits into 2009. The $729,750 for high cost areas ends January 1, 2009, modifications due to take effect will increase conforming loan limits to $417,000 for all homes nationwide and up to $625,500 in high cost areas such as LA, Ventura and Orange counties.

If you have additional questions or needs please feel free to call or email me.

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