Mortgage Rate Update

This update is from a mortgage broker I work with out of my office, Ryan Pickup...

Mortgage Bonds soared higher earlier in the week on the news that Fannie
Mae and Freddie Mac were coming under control of the government. The
government's move to create a line of $200 billion to back all Fannie &
Freddie loans at all costs is good news for homeowners. First, it
ensures the continued liquidity of conforming loans nationwide and,
second, it ensures that buyers of this type of Bond have a safe
investment going forward. There should be no doubt that this will help
the US housing market move through the current credit crunch that we're
in. The bond market gave back some of the biggest rate improvements
from earlier in the week but overall rates are still looking great!

Here is today's pricing:

$417,000 and under
Conforming 30 Year Fixed - 5.625% @ 1.0 point (0.00 point pricing is
available)
Conforming 5/1 ARM - 5.375% @ 1.0 point (0.00 point pricing is
available)
Conforming 10/1 ARM - 5.75% @ 1.0 point (0.00 point pricing is
available)

$417,001 to $729,750
ConJumbo 30 Year Fixed - 5.75% @ 1.0 point (0.00 point pricing is
available)
ConJumbo 5/1 ARM - 6.125% @ 1.0 point (0.00 point pricing is
available)


$729,751 and up
Jumbo 30 Year Fixed - 7.125% @ 1.0 point (0.00 point pricing is
available)
Jumbo 5/1 ARM - 6.125% @ 1.0 point (0.00 point pricing is
available)
Jumbo 10/1 ARM - 6.625% @ 1.0 point (0.00 point pricing is
available)

$729,750 and under
FHA 30 Year Fixed - 5.625% @ 1.0 point (0.00 point pricing
available)

Have a great weekend!

Thanks,
Ryan Pickup, Loan Rep.
First Capital
818.540.2384