The federal reserve lowered the prime rate to 5.0% last week, but the market did not react strongly leaving the longer term interest rate coupons largely unchanged week on week – the current rate for 30 year fixed, fully amortized, non-conforming home loan is 6.875%; jumbo loans ($418-729K) are at 6.5%; and conforming loans (<$417K) are 6.0%.

It is important to note that some lenders are forecasting rates to move up as the election draws closer so if you our clients are waiting to take advantage of the current rate environment, we wouldn’t recommend waiting past the end of the summer.