Interest Rates Update...

When talking about Interest Rates; BAD News is GOOD News.

HUH? Basically when the economy gets bad news - Interest Rates tend to decline. When the economy get good news - rates generally climb.

This week the August job report came out and showed a 4,000 job loss. The Dow Jones dropped 250 points - and the FED may have to act and drop Interest Rates to try and head off a possible recession. Also, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, urged the Fed to lower rates. "A strong response is required -- specifically a meaningful interest rate cut".

Current Data from Bank Rate.com:

Rates may contain points.
LOAN TYPE TODAY +/- LAST WEEK

30 yr fixed mtg 6.06% 6.09%

5/1 ARM 6.04% 6.12%

30 yr fixed jumbo mtg 7.02% 7.13%

5/1 jumbo ARM 6.48% 6.55%