Aloha Everyone,

Rates are not bad today! Mortgage applications rose slightly reacting to rate dip.  Below is market news from the last couple of days as well as a summary of current rates I have access to:

Market Highlights

•·         Oil prices at a 5 month low, $109.71 a barrel

•·         Korean Development Bank might buy 35% of Lehman Brothers

•·         Construction spending dropped in July

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 than going to these banks directly)

30 yr fixed:  5.875% w/ 2 points, 6.125% w/ .875 points, 6.375% w/ 0 points

7/1 ARM:  5.75% w/  1.75 points, 6% w/ 1 point, 6.375% w/ 6.375%

5/1 ARM:  5.5% w/ 1.75 points,  5.75% w/ 1.125 points, 6.25% with .125 points

Products

The following are available in the market:

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

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

•·         VA financing up to $793,750.  VA jumbo available up to 1 mil.

•·         Jumbo Loans

•·         CondoTels

•·         90% Financing on Construction loans

Have a great week!