Mortgage Rate Update

Happy New Year everyone!

All good things must come to an end..

What goes up must come down, and what goes down must come up!

Mortgage rates have recently crept higher. Here are the most recent rates - provided by my preferred mortgage broker - Mike Mundy.

I'll say it again, if you are in the market to buy, you should absolutely lock in a rate - because as I mentioned in my last post about my class with Lawrence Yun, rates will continue to go up this year.

REVISED December 30^th, 2009---- 5:30 PM ET

Lock Period = 45 Days

CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 5.125%/ 5.156% APR

30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR

15 YEAR FIXED----------------------------- 4.625%/ 4.632% APR

5 / 1 ARM------------------------------------- 4.000%/ 4.164% APR

7/1 ARM ------------------------------------ 4.500%/ 4.311% APR

* All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.500%/ 5.529% APR

15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR

** Loan amount restrictions based on county and property type.

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)

30 YEAR FIXED--------------------------- 5.875%/ 5.896% APR

30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR
15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR
5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR

7/1 ARM -------------------------------------- 4.750%/ 4.556% APR

** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

**Please call for rates on loans over 1 million**

**Keep in mind that every borrowers situation is different, and each must be evaluated individually.**