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Market Update: Mortgage Rates

Here are this weekends rates (see below). Remember that lending is now "Risk Based". The better your credit, the better potential rates that are available.

Mortgage Interest Rates*

Rates as of Friday, 4th July, 2008:

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30 Year Fixed

6.375%

6.541%

$6.24

6.375%

6.565%

$6.24

30/10 Year Interest Only

6.625%

6.794%

$5.52

6.5%

6.691%

$5.42

5/1 Libor Arm

6.000%

6.163%

$6.00

6.000%

6.186%

$6.00

5/1 Libor Arm IO

6.125%

6.289%

$5.10

6.125%

6.312%

$5.10

FHA below $362K 30 yr fixed

6.125%

6.289%

$6.08

%

0.000%

$0.00

FHA above $362K 30 yr fixed

6.375%

6.541%

$6.24

%

0.000%

$0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

All "Non-FHA" rates based on 20% down paying one total point. Borrower must qualify. Seller may pay points and closing costs, not exceed 3% of purchase price. FHA financing with as little as 3% down. Loan amounts to $729,750. Seller may gift down payment and pay additional 6% towards closing costs. Buyer can do an FHA loan with $0 out of pocket!!! Rates can change without notice.

Posted Thursday Jul 10

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