Aloha Everyone,

Nationally interest rates rise again for the third consecutive week for 30 yr fixed loans, although locally I found rates that were lower than last week.  Adjustable rates also down slightly, good for short term purchases.  Below is market news from the last couple of days as well as a summary of current rates.

Market Highlights

•·         Countrywide, Indymac, and New Century under investigation for evidence of subprime mortgage fraud

•·         U.S. Home Foreclosures up 121% from previous year

•·         Senate passes Housing Bill that would aid over 400,000 mortgage borrowers

•·         Gas prices fall for the 11^th straight day at $3.98 a gallon national average

Interest Rates, 30 day lock

(compiled from CPHL, FHB, Countrywide, Wells Fargo, First Horizon, and more.  These are wholesale rates we have access to, often lower then going to these banks directly) 

30 yr fixed:  6.125% w/ 1.75 points, 6.25% w/ 1 point, 6.375% w/ .375 points

7/1 ARM:  5.75% w/  2 points, 6% w/ 1.25 points, 6.5% w/ 0 points

5/1 ARM:  5.375% w/ 2 points, 5.75% w/ 1.125 points, 6.25% w/ 0 points

Products

The following are still available in the market:

•·         Stated Income/Stated Assets (will verify employment)

•·         100% Financing on 30 yr fixed (geographic/income restrictions)

•·         90% Financing on Construction loans

•·         VA (100% financing)

•·         Jumbo Loans

•·         CondoTels

Have a great week!