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Just when I think I've seen it all during my career, I get another surprise to add to the list.
Rates have been dropping sharply over the last week with rates for some borrowers with excellent credit and equity to lock at 4.50% with an APR of 4.654% on loans up to $ 417k.
Consumers also still have an opportunity with Fannie Mae's Conforming Hign Balance loans to get very low jumbo rates ranging 4.625% with an APR of 4.769%
This temporary High Balance Conforming Limit is set to expire on December 31, 2009 unless the government and Fannie Mae along with Freddie Mac agree to extend this limit. If it expires, those in the Jumbo category will see rates spike up to previous norms where they were generally almost more than 1 % higher than the regular conforming loans at or below $ 417k.
I encourage all Realtors and prospective clients to lock in now on these historic low rates. As a Realtor, I am sure that you are helping your client navigate the loan maze out there. My recommendation is to lock with your lender as soon as you can. Rates change daily, sometimes more than once or twice a day depending on market sentiment.
Realtors...I would advise you to cousel your buyers to lock with their lender as soon as possible. Those consumers reading this blog.....I encourage you to do the same with your lender.
Best Regards,
Wayne L. Brown
President
Thor Funding & Investments, Inc.
CA Dept. of Real Estate, Real Estate Broker
Brokers License # 00906571
Corp. License # 01848367
http://www.sdmortgagefinder.com/index.htm
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