Private Mortgage Advisors (an affiliate of Wells Fargo Mortgage) is Alain Pinel Realtor’s in-house lender.  They report that conforming fixed rates increased to the low 5% range, which is still the most compelling rate in the market. Conforming rates are up due to continuing woes in the bank sector specifically at Bank of America and Citibank.  Until the banking sector recovers or gets help from the government, conforming rates will stay where they are in the low 5%s range.

Wells Fargo Mortgage will be making significant changes to it’s jumbo loan products (over $625.5K loan amount).  After the middle of next week, the only jumbo products Wells will offer will be a 30 year fixed and a 5/1 ARM.  Until then, Wells continues to offer a 5/1 ARM at 5.5% paying 0 pt, which is a significantly below market rate… but that will be going away 2/4/09, so if you are waiting or contemplating, now might be a good time for you to act quickly.