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Mortgage Rates / 12-05-08

December 8, 2008

Rates quoted as of Friday, December 5, 2008

YES, we are hearing that rates may drop into the mid 4’s (Wall Street Journal, Thursday, December 4th). However, the plan remains in discussion and may not be made final before the Bush administration’s term ends in January.

Treasury views this plan as potentially halting the slide in home prices by enabling borrowers to afford bigger loans, thus increasing demand and pushing up home values. The lower interest rates would be available only to borrowers who are buying a home with loan amounts in the $417,000 range, not those refinancing a mortgage.
Maximum 1 pt. Rate 0 pts. Rate

30 Yr. Fixed $417,000 5.000 5.375
15 Yr. Fixed $417,000 4.750 5.125
5/1 Fixed $417,000 5.375 5.875
30 Yr. Fixed $417,001 – 625,500 5.375 6.000
15 Fixed $417,001 – 625,500 5.000 5.625
5/1 Fixed $3,000,000 5.625 6.000
30 Yr. Fixed $3,000,000 6.500 6.750
Call for quotes on loan amounts over $3,000,000!

Eddie.ajamian@wellsfargo.com or (626) 826-5225 Karen.crosby@wellsfargo.com or (818) 380-3350 Equal Housing Lender

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