Mortgage Update - Nov 13, 2008

November 13, 2008

Friends in Real Estate,

2009 Conforming Loan limits will remain at $417,000, the 4^th consecutive year at this level. What is a Conforming loan? A loan that "conforms" to Fannie Mae or Freddie Mac guidelines.

The stock market rally drew funds away from mortgage backed bonds and we had a late day rate increase. Volatility is still the rule.

Here's a sample of Primary Home Purchase money rates today, up to 0+1, with escrows for a borrower with median credit of 720-760. These are subject to vary based on loan amount, occupancy, LTV, credit quality and other factors.

Conforming (using 250K as amt)

30 yr fixed 6.00%

15 yr fixed 5.625%

5/1 ARM, 30 yr am 5.375%

Jumbo (using 650K as amt)

30 yr fixed 7.5%

15 yr fixed 5.625%

5/1 ARM, 30yr am 5.25%

Super Jumbo (using 1M amt)

30 yr fixed 7.875%

15 yr fixed 5.625%

5/1 ARM, 30 yr am 5.25%

Compliments of Ashleigh Sumlin, Bradford Mortgage Company, 704-307-9908